In the fourth quarter, balance sheets were sound and our portfolio metrics compared favorably to the Russell 2000 Growth universe.
In the fourth quarter, we added to our position in Sanne Group PLC and initiated a position in Technology One.
In the fourth quarter, the Portfolio outperformed the Index and our holdings in the information technology, consumer discretionary, and health care sectors contributed most to Portfolio returns.
In the fourth quarter, markets were strong with stock selections driving the majority of returns.
Equities performed well in the fourth quarter and our top performers were Microsoft, Align Technology, and Facebook.
Earnings growth has been under pressure worldwide this year, but the Portfolio was able to provide positive results in the third quarter