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           vasse-like decline at this early stage of the bull market. As any hiker   Skilled mountain climbers undergo months of preparation: visual-
           knows, the higher the altitude, the thinner the air becomes. While   ising their goals, conditioning their bodies, packing for inclement
           the S&P 500 has avoided a 5%+ pullback for over ten months, the   weather, and evaluating the best route (and alternatives) to reach
           market may experience temporary periods of fatigue. But given the   the summit. Wise investors practice similar preparation when pre-
           supportive long-term fundamentals, equities should regain their   paring for their financial future: identifying objectives, assessing
           footing and offer up some attractive buying opportunities.   risk tolerance, protecting against events that could be detrimental
                                                               to the plan, and determining asset allocation parameters that act
           US equities remain our preferred region, as the strong economic
           recovery and magnitude of earnings growth make it the leader of   as a compass for the stated goals.
           the pack. Given the recovery’s durability, we favour select cyclicals.   Our outlook serves as a panoramic view of the economy and
           Clipped to our carbineer are the Consumer Discretionary, Finan-  various asset classes as we enter the final quarter of 2021. We
           cials, Communication Services, Industrials, and Energy sectors.   understand that there can be an avalanche of financial headlines
           From a market capitalisation perspective, we’re eyeing opportuni-  at times, but with confidence in your plan and a trusted advisor as
           ties for small-cap stocks as the Delta variant falls off, as they are   your spotter on the belay rope, we hope you have the guidance and
           more highly leveraged to recovery prospects. For similar reasons,   tools needed to move mountains when it comes to accomplishing
           we remain constructive on the emerging markets when assessing   your  investment  objectives  and  that  you  reach  your  investment
           international exposure, particularly select regions in Asia. A ramp   summits safely.
           up in the pace of vaccinations in the region could create near-term
           opportunities given the relative attractiveness of valuations. How-
           ever, as the recent regulatory-induced equity declines in China
           have shown, active management is paramount to grapple with the
           complexities of these less-liquid markets.           Lawrence V. Adam, III, CFA, CIMA®, CFP®
                                                                Chief Investment Officer, Private Client Group

           All expressions of opinion reflect the judgment of the Chief Investment Office and are subject to change. Investing involves risk including the possible loss of principal. Past
           performance may not be indicative of future results.

           Investment Strategy Committee Members

           Lawrence V. Adam, III, CFA, CIMA®, CFP® – Committee President,    Joey Madere, CFA Senior Portfolio Analyst, Equity Portfolio & Technical Strategy
           Chief Investment Officer, Raymond James
                                                                Ed Mills Managing Director, Washington Policy Analyst, Equity Research
           Chris Bailey European Strategist, Raymond James Investment Services Ltd.*
                                                                Pavel Molchanov Director, Energy Analyst, Equity Research
           Scott J. Brown, PhD Chief Economist, Raymond James
           James C. Camp, CFA Managing Director, Strategic Income,    Tracey Manzi, CFA Senior Investment Strategist, Investment Strategy
           Eagle Asset Management*
           Doug Drabik Managing Director, Fixed Income Research   Chief Investment Office
           J. Michael Gibbs Managing Director, Equity Portfolio & Technical Strategy  Anne B. Platt, AWMA®, AIF®, RICP® – Committee Chair, Vice President,
                                                                Investment Strategy
           Nick Goetze Managing Director, Fixed Income Solutions
                                                                Giampiero Fuentes, CFP® Investment Strategy Manager, Investment Strategy
           Nicholas Lacy, CFA Chief Portfolio Strategist, Asset Management Services
                                                                Kailey Bodine Investment Strategy Analyst, Investment Strategy

           *An affiliate of Raymond James & Associates, Inc., and Raymond James Financial Services, Inc.
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