The Broadleaf Growth Equity Portfolio (BGEP) enjoyed a nice gain in the first quarter both on an absolute basis and relative to the S&P 500.  Performance gains were relatively broad based, both at the sector and individual security levels.  Technology and health care related holdings were particular sources of strength during the quarter along with our active decision to underweight the energy and materials sectors.

We remain in the top half of our large cap peer group for the one, three and five year periods ending March 31, 2015 and have outperformed the S&P 500 since inception by roughly 140 basis points annually, net of fees.

For further information on the first quarter and our investment outlook, please view a printable version of this Review: Broadleaf Q12015)