Summary

• Mid-cap equities initially benefited from improving market breadth, but rising geopolitical risks in March drove a rotation back toward larger-cap companies viewed as relative safe havens.
• Shifting expectations around artificial intelligence beneficiaries, combined with heightened volatility, underscore the importance of preparing for a range of potential outcomes.
• In this environment, we remain focused on balancing near-term risks with longer-term opportunities through a disciplined, valuation-driven process.

First Quarter Market Discussion

Howard Marks famously observed that “when most people think about the future, they ignore that the future is a distribution of possibilities.” The first quarter provided a clear illustration of this principle.

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