The stock market and the Broadleaf Growth Equity Portfolio (BGEP) enjoyed strong first quarter gains even if our relative results were a tad underwhelming.  The BGEP was very strong in January, but our results flattened during the last two months of the quarter while the stock market pressed onwards and upwards to new all-time highs.  The market’s classic defensive sectors – health care, consumer staples, and utilities – were among the quarter’s best performers and a key reason our portfolio had a difficult time keeping up.

Our long term results – over the past five years and since inception – remain strong relative to the S&P 500 and other large cap growth managers on a net of fees basis.

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