Summary

• Semiconductors industry holdings, including Silicon Laboratories and MKS, were key drivers of outperformance in the information technology sector.
• Silicon Laboratories' strong structural characteristics caught the eye of Texas Instruments, which announced it was acquiring Silicon Laboratories for $7 billion.
• Argan reported earnings that far exceeded expectations, while Argan's record backlog continued to grow due to demand from artificial intelligence companies looking to scale.
• Alphatec Holdings announced revenue and earnings ahead of expectations, though forward guidance below investor expectations led the stock to trade lower.
• The Small Cap Growth Fund moved from an overweight to information technology relative to the benchmark to an underweight with the elimination of several software names.

Portfolio Review

Cautious optimism gave way to tumultuous headwinds. Equities began the quarter with a relatively constructive backdrop. However, fears of artificial intelligence disruption led to heavy selling in software and technology-related stocks and weighed on broader

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