Summary

• The 4.2% drop in the Russell 1000® Index masked divergence across styles as the Russell 1000® Value Index rose 2.1%, but the Russell 1000® Growth Index fell 9.8%.
• Energy, already the best-performing sector earlier in the quarter on Venezuela and Middle East tensions, raced further ahead in March while all other sectors retreated.
• The small-cap space saw a rotation from low-quality, non-earning companies to those with proven fundamentals.
• Taiwan Semiconductor, the world's largest semiconductor chip manufacturer, reported an earnings beat and provided a better than expected outlook driven by strong AI-related demand.
• Prosus declined after Tencent, in which it holds a partial stake, announced it would curtail buybacks and failed to ease investor concerns about monetizing AI.

Market Overview

When the markets closed their February chapter, little did they guess that March was going to usher in a singular focus that would thrust everything else into the background. The Middle East war led to

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