Summary

• The Virtus KAR Small-Mid Cap Growth Fund returned -9.09% in the quarter, underperforming the Russell 2500™ Growth Index's -3.52% return.
• During the first quarter of 2026, market leadership shifted as small-cap stocks outperformed large caps amid a rotation away from crowded trades by investors.
• LeMaitre Vascular and Teledyne Technologies were the largest contributors to performance during the quarter.
• nCino and Ryan Specialty Holdings were the largest detractors from performance during the quarter.

Market Summary

During the first quarter of 2026, market leadership shifted as small-cap stocks outperformed large caps amid a rotation away from crowded trades by investors. The Russell 2000® small-cap benchmark surpassed the broader market, as measured by

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