August 2021

Economic Comment and Market Outlook

A flurry of superlative second quarter earnings reports has just completed the most recent chapter of
the US equity market’s advance in 2021. Supported by an adaptable, resilient private sector and copious
fiscal and monetary stimulus, profits have rebounded rapidly from the initial pandemic impacts and
spurred additional stock price increases. Through the end of July, the S&P 500 provided a total return
of 18% in the year-to-date period, following a similarly-sized gain for all of last year.

Click here to see the entire August 2021 Commentary

February 2021 Commentary

March 2020 Investment Update

February 2020 Commentary

January 2019 Commentary

July 2018 Commentary

January 2018 Commentary

August 2017 Commentary

January 2017 Commentary

July 2016 Commentary

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The volatility of any indices referenced in the commentaries may be materially different from that of Fayez Sarofim & Co.’s products. In addition, Fayez Sarofim & Co.’s holdings may differ significantly from the securities that comprise any highlighted indices.

Any projections, market outlooks or estimates expressed in the provided letters are forward looking statements and are based on certain assumptions. Such projections, outlooks and assumptions should not be construed to be indicative of the actual events that will occur and do not constitute investment advice. Opinions and information included in the commentaries were current opinions and information only as of the date thereof or as of the date indicated, and are subject to change without notice. Additionally, while information presented in the commentaries is believed to be accurate as of the date written and/or derived from sources which Fayez Sarofim & Co. believes to be reliable, Fayez Sarofim & Co. disclaims any and all liability as to the completeness or accuracy of the information contained therein.

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