Investing involves risk including the risk of loss of principal. An investor could lose money on their investment, or an investment strategy could underperform. Clarkston’s equity strategies may hold a significant allocation to cash over longer time periods and, therefore, may not be appropriate for investors who wish to be fully invested in the market. Cash does not fluctuate with the market like stocks, and potentially bonds, but cash is subject to inflation risk. There is no guarantee that Clarkston’s investment processes and strategies will meet the investment objectives and goals of an investor. Additionally, the investment strategies and techniques Clarkston uses with respect to each strategy might vary over time depending on various factors.

CCP does not guarantee outcomes and actual results, performance or events may differ materially from those expressed or implied. CCP does not charge its separate account investment advisory fees on separate account client assets it invests in its proprietary mutual funds but does charge its separate account investment advisory fees on client assets invested in third-party products and, in such cases, a client will pay both CCP's investment advisory fees and the fees charged by the third-party product. In addition to CCP’s investment advisory fees, clients directly or indirectly pay fees to third parties associated with the client’s accounts and investments. CCP does not provide tax advice and a taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Risks: The price of equity securities (which generally include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and similar securities) will fluctuate and can decline due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities participate or factors relating to specific companies. There is no guarantee that companies will declare, continue to pay or increase dividends. The securities of small-cap and mid-cap companies may be subject to more abrupt or erratic market movements and will generally experience greater price volatility than large-cap companies. In exchange for potentially lower volatility, the value of a large-cap company may not rise as much as that of a company with a smaller market capitalization. Cash and equivalents do not fluctuate with the market like stocks, and potentially bonds, but cash and equivalents are subject to inflation risk. Fixed income securities are subject to market risk, interest rate risk, issuer risk, credit risk, inflation risk, and liquidity risk. The value of most fixed income securities is impacted by changes in interest rates; the prices of fixed income securities generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Price volatility of fixed income securities is impacted by yield to maturity; bonds with lower coupon rates will be more volatile than bonds with a higher coupon rates and longer-term bonds are more volatile than bonds with a shorter time to maturity. High-yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in high-yield, lower-rated securities may be subject to greater levels of credit and liquidity risk than portfolios that do not. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment. Fixed income securities investments may be worth more or less than the original cost when redeemed. There is no guarantee that Clarkston Private Client can achieve a goal of tax-efficient investing for an account. The goals of limiting taxable distributions and investing in a tax-efficient manner could cause an account’s performance to lag the performance of other accounts that do not make tax efficiency a primary focus. Increased stock market volatility could adversely affect Clarkston Private Client’s ability to maximize after-tax returns and invest with tax efficiency. Periods of rapidly declining stock markets could cause the unexpected sale of certain holdings and result in increased portfolio turnover.