Against this generally favorable backdrop
Posted: Thu Jul 10, 2025 5:35 am
the U.S. equity markets delivered theirstrongest first-quarter gains in more than 10 years. The S&P 500 Index, a broad measureof large-company stock performance, gained 12.59% with dividends reinvested.Financials, technology and consumer discretionary stocks led the market rally, whileutilities stocks declined. Within the benchmark Russell 2000 Growth Index, technology health care were the top performing sectors, while energy was utilities dand detractors
Early in the period, we made several changes to the strategy that will impact how theportfolio is managed going forward. In particular, team waschanged, the mobile database principal investment strategies and risks were modified, and the primary
benchmark was changed from the Russell 2000 Index to the Russell 2000 Growth Index.
As such, a methodical and measured transition of the portfolio was begun by the team to reposition it with more a growth-company orientation, but to the potential tax implications of remaking the portfolio.In the first quarter, the strategy benefited from strong security selection in the financials
and health care sectors, but not enough to offset poorer performance in the , industrials and energy sectors.
The two names we owned in financials, Greenhill and City National, each gained about
20% in the period. Independent investment bank Greenhill reported a solid beat to the
Street’s estimates on better-than-expected advisory revenues. City National, which
provides banking, investing and trust services in Southern California, the San Francisco
Bay area, Nevada and New York City, benefited from accelerating loan growth and
Early in the period, we made several changes to the strategy that will impact how theportfolio is managed going forward. In particular, team waschanged, the mobile database principal investment strategies and risks were modified, and the primary
benchmark was changed from the Russell 2000 Index to the Russell 2000 Growth Index.
As such, a methodical and measured transition of the portfolio was begun by the team to reposition it with more a growth-company orientation, but to the potential tax implications of remaking the portfolio.In the first quarter, the strategy benefited from strong security selection in the financials
and health care sectors, but not enough to offset poorer performance in the , industrials and energy sectors.
The two names we owned in financials, Greenhill and City National, each gained about
20% in the period. Independent investment bank Greenhill reported a solid beat to the
Street’s estimates on better-than-expected advisory revenues. City National, which
provides banking, investing and trust services in Southern California, the San Francisco
Bay area, Nevada and New York City, benefited from accelerating loan growth and