Summary

• European markets were down during the quarter as a sharp rise in energy prices and escalating geopolitical tensions increased inflation concerns and weighed on growth expectations.
• Energy, materials, and information technology were the largest contributing sectors.
• Industrials, financials, and consumer discretionary were the largest detracting sectors.

European markets were down during the quarter as a sharp rise in energy prices and escalating geopolitical tensions increased inflation concerns and weighed on growth expectations. Value outperformed growth, and our portfolio outperformed the MSCI Europe Index

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