The Baird Small/Mid Cap Growth strategy decreased -4.8% in the first quarter, net of fees, compared to the -3.5% decrease in our primary benchmark, the Russell 2500 Growth Index.
In short, relative weakness from both consumer discretionary and healthcare (particularly in March) offset stronger relative performance in technology and industrials.
The strongest contributor to relative performance in the quarter was technology, as portfolio holdings were down roughly 5% compared to negative 14% for the benchmark.
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Market Update
Equities rallied to start the year, spurred by falling interest rates along with an uptick in economic activity and related company fundamentals. However, as March began, macro conditions became much less forgiving. U.S. military action against Iran, followed by escalation
