Attached please find our 2017 Q3 investment report. In addition to our usual review of the markets and our current thinking, in this issue we examine a very interesting recent report on the so-called “endowment model” of investing, named as such because it is the style of investing followed by most university endowment managers. The endowment model involves diversifying investments across strategies, asset classes and investment horizons. It also involves allocating a significant portion of assets to non-traditional asset classes such as distressed debt, venture capital, commodities and real estate. Artemis subscribes to the endowment model but does not utilize alternative asset classes to implement, given their cost and complexity. We are pleased to report that comparative look at investment returns over the last five years suggests that Artemis clients are not missing out.