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Dear Friends,

I have been historically averse to providing firm updates in my communication but find myself driven to share some exciting news and milestones achieved here at Smith Capital Investors. This comes as we recently celebrated our six-year anniversary in February.

Since the launch of the firm, we have experienced growth and expansion of the business that has exceeded my initial expectations. What started as a team of six dedicated individuals has now expanded to a team of eighteen professionals. Each individual on the team has been committed to the vision and mission we laid out in 2018, with a focus on delivering excellence in our investment process and striving toward a differentiated, positive client experience. While that sounds very coined, it is deeply ingrained in how we are thinking about the business. I said at the onset of the firm that we were not going to be everything to everyone, but we would be significant to a few. I feel even stronger about that statement today.

Apart from the strong performance that we have generated over the last six years, one of our proudest accomplishments is our growth in total assets under management. Please see AUM milestone update <click here>. We are proud, not because of the AUM growth milestone, but in the trust and confidence you have placed in us. Additionally, I am thrilled about our new product growth, which underscores the confidence investors have placed in us and in our approach to fixed income investing. For that, we are very grateful.

At Smith Capital Investors, we strive to hold ourselves to the highest standards, guided by our core values of discipline, integrity, character, empathy, and service. These values are not just words on paper but are deeply ingrained in everything we do, from team interaction to investment decisions to client engagement.

From the onset of the firm we were focused on three core tenants, Investing Excellence, Relationships/People, and Intentional Culture. Our commitment to Investing Excellence extends beyond just financial performance, there is a strong focus on consistency. We fundamentally believe in the importance of building strong relationships and serving people, recognizing that our clients and partners depend on us and hold us to high standards and expectations.

Central to our success is our Intentional Culture, characterized by collaboration, hard work, and a relentless pursuit of improvement. We strive to create an environment where every team member feels valued, respected, and empowered to contribute their best with a keen focus on service. We take great pride in doing things a little differently than many of our traditional competitors, making sure our culture drives the desired outcomes. This is not easy work; rather, it’s work we are passionate about and love doing together. I personally believe that our obsession with our culture is largely responsible for the success we have realized to date and will be central to driving the long-term outcomes of the business.

As we reflect on our journey thus far, we are filled with gratitude and appreciation for the opportunity to serve you. I frequently remind the team that our investors are the only reason we exist. Your trust and confidence inspire us to continually raise the bar and work toward exceeding expectations.

We extend our heartfelt thanks to each and every one of you for your continued partnership, support and friendship. We look forward to many more years of success together and remain dedicated to helping you navigate the ever-changing financial landscape with confidence and clarity. We are fully committed to being an outstanding partner.

With great humility, it is fun to share strong performance, AUM growth, or other milestones that showcase the business, but the relationships we have developed and the trust that you have put in us are the real metrics of success in our eyes. Thank you!

With warm regards,


Let’s keep talking!


Smith Capital Investors

Our mailing address is:

Smith Capital Investors

1430 Blake Street

Denver, CO 80202






The opinions and views expressed are as of the date published and are subject to change without notice of any kind and may no longer be true after any date indicated. Information presented herein is for discussion and illustrative purposes only and should not be used or construed as financial, legal, or tax advice, and is not a recommendation or an offer or solicitation to buy, sell or hold any security, investment strategy, or market sector. No forecasts can be guaranteed, and the author and Smith Capital Investors assume no duty to and do not undertake to update forward-looking predictions or statements. Forward-looking predictions or statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward-looking predictions or statements.

Any investment or management recommendation in this document is not meant to be impartial investment advice or advice in a fiduciary capacity and is not tailored to the investment needs of any specific individual or category of individuals. Opinions and examples are meant as an illustration of broader themes, are not an indication of trading intent, and are subject to changes at any time due to changes in the market or economic conditions. The information presented herein has been developed internally or obtained from sources believed to be reliable; however, neither the author nor Smith Capital Investors guarantees that the information supplied is accurate, complete, or timely, nor are there any warranties concerning the results obtained from its use. It is not intended to indicate or imply that any illustration/example mentioned is now or was ever held in any portfolio.

Past performance is no guarantee of future results. As with any investment, there is a risk of loss. Investing in a bond market is subject to risks, including market, interest rate, issuer, credit, inflation, default, and liquidity risk. The bond market is volatile. The value of most bonds and bond strategies are impacted by changes in interest rates. The return of principal is not guaranteed, and prices may decline if an issuer fails to make timely payments or its credit strength weakens. High yield or “junk” bonds involve a greater risk of default and price volatility and can experience sudden and sharp price swings.

Please consider the charges, risks, expenses, and investment objectives carefully before investing. Please see a prospectus, or, if available, a summary prospectus containing this and other information. Read it carefully before you invest or send money. Investing involves risk, including the possible loss of principal and fluctuation of value.

All indices are unmanaged. You cannot invest directly in an index. The index or benchmark performance presented in this document does not reflect the deduction of advisory fees, transaction charges, and other expenses, which would reduce performance.

This material may not be reproduced in whole or in part in any form, or referred to in any other publication, without express written permission from Smith Capital Investors.

Smith Capital Investors, LLC is a registered investment adviser.