Summary

• The Touchstone Small Cap Fund underperformed its benchmark, the Russell 2000 Index, for the quarter ended March 31, 2026.
• Matson, Inc. was the top contributor as container shipping rates strengthened amid supply chain disruptions and management executed on operational efficiency initiatives.
• UniFirst Corp. was a positive contributor as the board of directors reached an agreement with Cintas to be acquired for a premium above the prior trading price.
• The Fund sold entire positions in Certara Inc. and Ingevity Corp. in March to redeploy capital into opportunities with more attractive risk-reward profiles.
• Quality factors have historically posted their best relative returns during periods of decelerating growth and through recessions and have outperformed the broader market shortly after the Fed begins to reduce rates.

Fund Highlights

• Utilizes a bottom-up security selection process that screens potential investments against a proprietary quantitative model for return on capital, earnings to value ratio, free cash flow and return on equity

• Looks at