ETF Managed Portfolios,
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Outsourced CIO, 
& Sub-Advisory Services

Astoria’s MARS portfolio remains heavily exposed to commodities (energy, oil, agriculture, metals) and late cycle equities (emerging market equities & FX, international value, international momentum, US large cap banks, US energy equities, & MLPs). We remain heavily diversified across multi-asset risk factors and continue to keep several uncorrelated assets to hedge our portfolio risk. Astoria made a big, out of consensus call on commodities in late Q4 2017 and thus far it ha

· We don’t typically put out commentary recapping what previously happened as our research is forward-looking by design. However, given the increase in volatility in Q1 we have been asked for our interpretation of what’s transpired and what it means for multi-asset investing for the balance of 2018. · We suggested in several of our previous blogs and reports (see list below) that 2017 was a highly unusual year and would not be repeated in 2018. We expected 2018 to be more vol