Summary

• The recent market rotation continued before and during the war, as value stocks posted gains across the market-capitalization spectrum while growth stocks declined.
• The Strait of Hormuz closure caused crude oil prices to soar, which ignited fears of slower economic growth, rising unemployment and high prices and lowered expectations for a Federal Reserve interest rate cut.
• Stock selection and a sector underweight relative to the benchmark detracted.

Portfolio Review

Equity markets declined during the first quarter. The war in Iran weighed heavily on markets. The Strait of Hormuz closure caused crude oil prices to soar, which ignited fears of slower economic growth, rising unemployment

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