Summary

• While the S&P 500® Index was largely flat in the first two months of the year, the MSCI ACWI ex US Small Cap Index jumped 11%.
• Our top three contributors in Q1 were IQE, Impro and Vitzrocell.
• Our top three detractors in Q1 were Alten, Signify and Elementis.
• We initiated two new positions, but we are not identifying them yet as we're still building the positions. We sold Norway-based Spir.