Summary

• The Russell 2000 Value Index finished the first quarter higher, outpacing the larger cap S&P 500 index and the Russell 2000 growth index.
• Energy was the best performing sector in the index, benefiting from higher commodity prices. The Consumer Discretionary sector was the worst performing sector in the index.
• The fund underperformed its benchmark for the quarter. Strong stock selection in the Industrials and Utilities sectors was offset by weaker results in the Health Care and Materials sectors.

Fund Commentary

The Russell 2000 Value Index finished the first quarter higher, outpacing the larger cap S&P 500 index and the Russell 2000 growth index. Geopolitics took center stage as conflict in the middle east led