Summary

• So far this year, though, the PMI for manufacturing has enjoyed back-to-back readings above 50, marking the first signs of growth in back-to-back months in four years.
• The Value Plus Strategy gained 4.94% in the first quarter, compared with the 4.96% gain for the Russell 2000® Value Index.
• Silicon Motion Technology Corporation remains meaningfully undervalued versus our current price target of $185, based on a multiple of 15X EBITDA plus an anticipated $160 million cash settlement.
• Wyndham Hotels should benefit from a broadening economy and improving PMI, which will aid Wyndham Hotels' base of business travelers and middle income customers.
• Stifel Financial Corp. should still be able to grow revenues and expand margins for the foreseeable future as Stifel Financial Corp. continues to execute on organic asset growth.

Executive Summary

• After market breadth began to improve late last year, the economy has been showing signs of broadening out.
• However, the outbreak of war in Iran and rising oil prices raises questions of whether

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