During the first quarter of 2026, the largest portfolio sector weightings were Industrials and Information Technology.
The largest sector overweight was Industrials and the largest sector underweight was Consumer Discretionary.
The Consumer Discretionary and Communication Services sectors contributed to relative performance, while Energy and Consumer Staples were among sectors that detracted from relative performance.
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Market Environment
U.S. equities endured a turbulent first quarter, with the S&P 500 Index declining 4.33% as two distinct forces converged to reshape the investment landscape. The period began with a sharp recalibration across the software industry, as the
