Portfolio Manager Commentary

Q2 Market and Portfolio Review

In the second quarter of 2024, equity markets were a mixed bag. Large cap indices generally posted positive results while small cap indices were generally negative.  April was negative across the board, May bounced back to be positive, and June was mixed. The debate right now revolves around the timing of the first rate cut and the number of cuts in 2024. Economic data continues to be solid and inflation, while much lower than 12-18 months ago, remains elevated. Employment trends remain healthy but have shown signs of softening. These issues remain key focus areas for the Fed and complicate their decision-making process and messaging to the markets. Our philosophy, process and team remain consistent, and we continue to invest in what we believe are the fastest growing and highest quality companies in America. Please see the performance table for details.