Allspring Mid Cap Growth Fund outperformed the Russell Midcap Growth Index during the first quarter that ended March 31, 2026, returning -5.07% compared to the benchmark's -6.35% return.
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 data center cooling space.
Carpenter Technology Corp. is benefiting from increased production rates at Boeing and recent regulatory approvals that are driving demand for mission-critical materials and components in the aerospace industry.
Allspring Global Investments leaned into the weakness and increased its position in AppLovin Corp., confident in the long-term growth opportunity despite concerns that generative AI could disrupt parts of the gaming ecosystem.
The Allspring team expects market leadership to fade from lower-quality cyclicals as select mid- and small-cap growth companies see attractive valuations and accelerating earnings growth.
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Quarterly review
The fund outperformed the Russell Midcap Growth Index during the first quarter that ended March 31, 2026.
Security selection within industrials and consumer discretionary contributed to performance.
