Summary

• The Contrarian Fund returned -4.88% and the S&P 500® Index returned -4.33%.
• Demand for AI compute will continue to exceed supply for the foreseeable future, fueling ongoing capital investment and opportunities for companies operating in critical bottlenecks.
• Vertiv Holdings Co is an essential supplier of cooling, power management, and rack systems to AI data centers and has delivered strong earnings growth.
• Oracle Corp was a relative detractor as the stock declined on market concerns over the company's ability to fund its ambitious infrastructure buildout.
• Janus Henderson Investors remains constructive on the broader market outlook despite near-term uncertainty, as consumer spending has held up well among higher-income households.

At a glance

Performance

The Fund returned -4.88% and the S&P 500® Index returned -4.33%.

Contributors/detractors

Stock selection in the consumer discretionary and healthcare sectors detracted from relative performance. Stock selection in the information technology and

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