Commentary

1Q2026 - U.S. Small-Mid Cap Growth Commentary

Despite market volatility and a negative quarter, the portfolio benefited from exposure to infrastructure and power-related companies supporting AI growth. Ongoing uncertainty—from AI disruption to geopolitical risks—highlights the need for active positioning and adaptability in a rapidly changing market.
Drew Cupps
1 Min
Share:
  • Returns: -3.4% gross / -3.6% net vs. -3.5% (Russell 2500 Growth) in Q1 2026
  • Top contributors: SanDisk Corp., Bloom Energy, TechnipFMC
  • Largest detractors: SoFi Technologies, Figure Technology Solutions, Affirm Holdings
  • Summary: Performance was broadly in line with the benchmark amid heightened volatility tied to AI disruption, private credit concerns, and geopolitical developments, reinforcing the importance of adaptability.

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