Financial market volatility was acutely felt outside the U.S. with emerging markets also being punished by a strengthening U.S. dollar.
The Fund underperformed its benchmark, with our energy and consumer discretionary holdings being the largest relative detractors.
Our selection of industrial and technology stocks contributed most to relative performance.
Valuations are currently compelling in sectors in which we are overweight. Should stock prices remain low, they would likely see support by a boost in merger and acquisition activity.