Summary

• During the quarter, the Virtus Zevenbergen Technology Fund slightly trailed its S&P North American Technology Sector benchmark, returning -10.77% (Class I) versus -8.34%.
• Growth investors faced a convergence of headwinds in the quarter: geopolitical tensions in the Middle East, renewed inflation fears, and a sustained rotation away from high growth equities.
• Micron Technology and Vertiv Holdings were the largest contributors to performance in the quarter.
• Microsoft and Shopify were the largest detractors from performance in the quarter.

Market Summary: Strange Days

Markets rarely move in straight lines, especially in an environment where the only certainty is more uncertainty. Growth investors faced a convergence of headwinds in the quarter: geopolitical tensions in the Middle