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Vestor Capital Quarterly Commentary

February 1, 2024

Equity indexes posted strong returns in 2023. Leading the way were U.S. large technology stocks that posted
extraordinary gains as evidenced by the NASDAQ Composite and S&P 500’s returns of 44% and 26%
respectively. U.S. small‐cap stocks posted robust gains in the fourth quarter, as long‐term interest rates declined,
pushing stocks up 15% for the year.

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