Summary

• The Touchstone Sands Capital Select Growth Fund underperformed its benchmark, the Russell 1000 Growth Index, for the quarter ended March 31, 2026.
• Carpenter Technology shares rose amid broader strength in industrials and a clearer pricing outlook, supported by a 23 percent increase in aerospace orders, reinforcing the investment thesis.
• Taiwan Semiconductor reported results and issued guidance that exceeded expectations, with management now expecting AI-related revenue to grow at a 55 percent annualized rate through 2029.
• The Fund initiated positions in Seagate Technology Holdings plc and Lam Research Corp., believing both businesses will play a key role in the transition toward an AI infrastructure buildout.
• The Fund's decision to reduce exposure to cloud computing reflects a preference for AI exposure in the supply chain for compute over the buyers of that compute.

Market Recap

U.S. large cap growth equities, as measured by the Russell 1000 Growth Index, declined during the first quarter of 2026, extending the sell-off that began in late 2025. The quarter was initially defined by significant dispersion driven