In spite of well publicized worries over a dysfunctional government, the impending fiscal cliff, and slower earnings growth, the markets did what they usually do during such periods by confounding the experts.  During the third quarter, the S&P gained more than six percent.

The Broadleaf Growth Equity Portfolio (BGEP) gained a solid 5.1% on considerable strength from the technology sector.  Relative to the index, stock picks within the health care and consumer discretionary sectors were a weight on results.

Since inception over seven years ago, the BGEP has gained 6.1% net of fees, exceeding the 4.6% annual gains for the S&P 500 over the same time period.

For details on our firm’s performance results, our investment outlook, and related disclosures, please read the attached Performance Review.