Perkins Mid Cap Value Managed Account

Defensive Mid-Cap Value Equities

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark, the Russell Midcap Value Index, during the quarter

Stock selection in real estate and industrials contributed to relative performance.

Relative detractors included our holdings in materials and overweight in health care.

PORTFOLIO MANAGEMENT

Tom Perkins

Tom Perkins

Portfolio Manager since 1998
Industry since 1970

Kevin Preloger

Kevin Preloger

Portfolio Manager since 2013
Industry since 1997

Justin Tugman, CFA

Justin Tugman, CFA

Portfolio Manager since 2015
Industry since 2000