Summary

• The Portfolio returned -11.35% (gross) and the Russell 3000® Growth Index returned -9.54%.
• Stock selection in the consumer discretionary sector detracted from relative performance. Stock selection and an overweight in the industrials sector contributed.
• We remain on the lookout for opportunities to use market volatility to our benefit when we identify compelling ideas that may be missed by other investors.

Portfolio management

Nick Schommer, CFA

Brian Recht

Investment environment

• The equity market started out the year with modest gains, supported by resilient economic growth.
• Volatility increased in March, after war in the Middle East drove the

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