During the first quarter of 2026, the largest portfolio sector weightings were Information Technology and Consumer Discretionary.
The largest sector overweight was Industrials and the largest sector underweight was Financials.
The Information Technology and Financials sectors contributed to relative performance, while Consumer Discretionary and Utilities 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 emergence
