BCM 4Q 18 Market Commentary

January 17, 2019 | COMMENTARY

Sources and Disclosures:

¹² Bloomberg, Beaumont Capital Management 

Copyright © 2019 Beaumont Financial Partners, LLC. All rights reserved. All materials appearing in this commentary are protected by
copyright as a collective work or compilation under U.S. copyright laws and are the property of Beaumont Capital Management. You
may not copy, reproduce, publish, use, create derivative works, transmit, sell or in any way exploit any content, in whole or in part, in this
commentary without express permission from Beaumont Capital Management.
Past performance is no guarantee of future results. Index performance is shown on a gross basis and an investment cannot be made
directly in an index.

This material is provided for informational purposes only and does not in any sense constitute a solicitation or offer for the purchase or
sale of a specific security or other investment options, nor does it constitute investment advice for any person. The material may contain
forward or backward-looking statements regarding intent, beliefs regarding current or past expectations. The views expressed are also
subject to change based on market and other conditions. The information presented in this report is based on data obtained from third
party sources. Although it is believed to be accurate, no representation or warranty is made as to its accuracy or completeness.

As with all investments, there are associated inherent risks including loss of principal. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector investments concentrate in a particular industry, and the investments’ performance could depend heavily on the performance of that industry
and be more volatile than the performance of less concentrated investment options and the market as a whole. Securities of companies
with smaller market capitalizations tend to be more volatile and less liquid than larger company stocks. Foreign markets, particularly
emerging markets, can be more volatile than U.S. markets due to increased political, regulatory, social or economic uncertainties. Fixed
Income investments have exposure to credit, interest rate, market, and inflation risk. Diversification does not ensure a profit or guarantee against a loss.

The Standard & Poor’s (S&P) 500® Index is an unmanaged index that tracks the performance of 500 widely held, large-capitalization
U.S. stocks. The Bloomberg Barclay’s U.S. Aggregate Bond Index, which used to be called the “Lehman Aggregate Bond Index,” is a
broad base index and is often used to represent investment grade bonds being traded in United States. The Morgan Stanley Capital
International All Country World Index Ex-U.S. (MSCI ACWI Ex-U.S.) is a market-capitalization-weighted index maintained by Morgan
Stanley Capital International (MSCI). It is designed to provide a broad measure of stock performance throughout the world, with the
exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S. includes both developed and emerging markets.
“S&P 500®”, and “S&P Small Cap 600®” are registered trademarks of Standard & Poor’s, Inc., a division of S&P Global, Inc. MSCI® is
the trademark of MSCI Inc. and/or its subsidiaries.

ETFs trade like stocks and are subject to investment volatility and the potential for loss. The principal amounts invested in ETFs are not
protected, guaranteed or insured.

Beaumont Financial Partners, LLC-DBA Beaumont Capital Management,
250 1st Avenue, Suite 101, Needham, MA 02494 (844-401-7699)