Summary

• Quanta Services, Inc. stock performed well during the quarter following a strong earnings beat, record backlog, and growing recognition that power infrastructure has become a critical bottleneck in the build-out of AI.
• Vertiv Holdings Co. benefited from a sharp acceleration of growth in its order book and continued ability to win market share from legacy players in the cooling space.
• During the quarter, EMCOR Group, Inc. reported record results that underscored strong execution and demand across core end markets.
• DoorDash, Inc. stock came under pressure this quarter following lower margin guidance on new investment spending and integration of past acquisitions.
• Allspring’s sell discipline was triggered and the Fund exited KKR & Co. Inc. in favor of higher-conviction ideas after software sector weakness created uncertainty around future growth.

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