Summary

• The fund outperformed the Russell Midcap Growth Index during the first quarter that ended March 31, 2026.
• Vertiv Holdings Co. benefited from a sharp acceleration of growth in its order book and continued ability to win market share from legacy players in the cooling space.
• Curtiss-Wright Corp. reported a strong quarter with solid results and steady backlog growth, and we maintained our position as we view the company as a durable compounder.
• Producing advanced alloys is both complex and capital intensive, giving Carpenter Technology Corp. robust pricing power, which drove outsized earnings growth during the quarter.
• AppLovin Corp. demonstrates strong fundamental performance with clear visibility into purchase conversions driven by its platform.

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