Summary

• Stock selection in information technology, real estate, health care and financials drove the fund's underperformance during the quarter.
• Conversely, selection in energy, industrials and utilities aided the fund's relative return.
• We purchased a new holding in the consumer discretionary sector.
• We also eliminated several holdings, using the proceeds to fund investments we believe have better risk/reward profiles.
• Value stocks outperformed growth in the first quarter as the Russell 1000 Value Index returned 2.10% and the Russell 1000 Growth Index returned -9.78%, hampered by a selloff in IT stocks.

Manager perspective and outlook

• US financial markets had a volatile first quarter, marked by shifting monetary policy expectations, geopolitical instability and uneven economic data.
• Equities started the year on firm footing as earnings remained generally

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