Summary

• Holdings in the professional services and trading companies and distributors industries led to underperformance in the sector.
• Crescent Energy saw its shares move higher during the quarter primarily due to the spike in oil prices.
• We initiated a position in EquipmentShare, which provides a proprietary digital platform for managing construction sites.

Portfolio Review

Equity markets declined during the first quarter. The war in Iran weighed heavily on markets. The Strait of Hormuz closure caused crude oil prices to soar, which ignited fears of slower economic growth, rising unemployment

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