Summary

• The first quarter was marked by significant price volatility within the Russell Microcap Growth Index, with the Index rising more than +11% through late January before subsequently falling -18% to its trough in late March.
• Health Care was the largest positive contributor to returns, driven by effective stock selection and our underweight exposure, particularly within biotechnology.
• Negative performance during the quarter was concentrated in Technology and Industrials. Within Technology, deteriorating investor sentiment and multiple compression – particularly in software – drove meaningful pullbacks.

Micro Cap Composite – 1Q26 Performance & Attribution

The first quarter was marked by significant price volatility within the Russell Microcap Growth Index, with the Index rising more than +11% through late January before subsequently falling -18% to its

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