Happy New Year to all of you! 2020 was certainly a year we will all remember for quite some time. Despite the difficulties of the past year, our team has continued to rise to the occasion, providing invaluable insights and top-notch investment management and client service during an unpredictable time. At BTC Capital, our goal is to help our clients grow, preserve, and transfer their wealth. Thank you for putting your trust in us – we truly appreciate it.

Amid all the uncertainty, I hope you’ve been able to find a few silver linings this past year. Whether you’ve been able to spend more time with family or had the opportunity to reassess or even change your focus, hopefully there’s been a few bright spots for everyone.

Thank you again for your continued support. We look forward to continuing to serve your investment management needs in 2021.

Scott Eltjes, CFA, FLMI, CEO and President

In this issue:

Economic and Market Overview

Two Steps Forward
While there are many adjectives that could be used to describe the experience for investors in 2020, one that is surely appropriate is breathtaking.

Fixed Income Commentary

Beating Expectations
Fixed income returns for the quarter were positive as corporate bonds excelled. Shorter duration Treasuries remain glued to the floor on the expectation it will be several years before the Federal Open Market Committee attempts to raise the federal funds rate.

Equity Commentary

What a year it was!
Looking back over this past year seems as if one was in a dream. 2020 started where 2019 left off as equity markets continued their advance.