Summary

• The fund's Class A shares at net asset value returned -1.04% for the quarter, underperforming the Russell 2000 Index, which returned 0.89%.
• Chef's Warehouse has been scaling up leading to expanding profit margins and improving return on invested capital.
• Fluor has been benefiting from an operational turnaround alongside improving demand across its core infrastructure and energy end markets.
• Aeroenvironment was sold due to an uncertain outlook after an unexpected rebid of a Space Force contract put a meaningful portion of the company's order backlog at risk.
• Northern Oil and Gas outperformed during the quarter as energy prices rose amid geopolitical tensions and global supply disruptions.

Key takeaways

1 The fund underperformed its benchmark for the quarter

Underperformance was primarily driven by stock selection in the health care, industrials and financials sectors. Stronger stock selection in the information technology and real estate sectors

3.35K Followers