The portfolio generated negative absolute returns but modestly outpaced the Russell 2000 Growth Index, providing some downside protection.
Underlying earnings trends in the portfolio remained strong, which was reflected in positive absolute returns and notable relative outperformance during the first two months of the period.
Top contributors in Q1 included Modine Manufacturing, Twist Bioscience and MACOM Technology Solutions.
The largest detractors in Q1 included Compass, ServiceTitan and Guidewire.
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Investing Environment
US equities were mixed during Q1 2026. Several major indices reached all-time highs in January before pulling back as markets reacted to rising geopolitical tensions, shifting monetary policy expectations and heightened macroeconomic uncertainty. Energy stocks
