Summary

• The fund underperformed the Russell Midcap Value Index during the first quarter.
• Stock selection in information technology and industrials contributed the most to relative performance.
• Stock selection in materials and health care detracted the most from relative performance.

Market review

January and early February saw a broadening of the markets and a continuation of the “low-quality trade reversal” that started in mid-October. During this period, we saw our portfolio perform well as investors focused on higher-quality

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