Commentary

1Q2026 - U.S. Small Cap Growth Commentary

Strong first-quarter outperformance versus the benchmark was driven by industrial and energy-related holdings tied to rising AI-driven power demand. Markets were highly volatile amid AI disruption fears, credit concerns, and geopolitical tensions, reinforcing the importance of a dynamic, opportunity-driven investment approach.
Drew Cupps
1 Min
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  • Returns: +3.3% gross / +3.0% net vs. -2.8% (Russell 2000 Growth) in Q1 2026
  • Top contributors: Powell Industries, Argan, Bloom Energy
  • Largest detractors: GeneDx, Figure Technology, Alphatec Holdings
  • Summary: The portfolio outperformed in a volatile quarter marked by AI disruption fears, credit concerns, and geopolitical risk, underscoring the importance of a dynamic investment approach.

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