Summary

• Markets were mixed throughout the quarter with small-cap stocks advancing to start the year before retreating in March as the conflict in Iran unfolded.
• The industrials, technology, and consumer discretionary sectors weighed on portfolio performance.
• The strongest contributions came from the basic materials, financials, and consumer staples sectors.
• Recent performance has been shaped by market volatility and policy-related uncertainty, which have weighed most heavily on cyclical businesses across small-cap equities.

Markets were mixed throughout the quarter with small-cap stocks advancing to start the year before retreating in March as the conflict in Iran unfolded. Small caps outperformed large caps during the period, and value broadly outperformed growth. Our

48 Followers