The Broadleaf Growth Equity Portfolio (BGEP) enjoyed another nice gain in the second 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 consumer discretionary related holdings were particular sources of strength during the quarter.

Over the past twelve months, our results have been unusually strong relative to our peer group.  According to publicly available Morningstar performance data for large cap growth funds, our results would place us first among large cap growth managers for the twelve month period ending June 30, 2015.  These solid results helped to improve our relative rankings on a three and five year basis as well, vaulting us to the top 25 and 34 percent as compared to our peer group for the respective periods ending June 30, 2015.

Since inception nearly ten years ago, we have outperformed the S&P 500 by 180 basis points annually, net of fees.

For further information on the second quarter and our investment outlook, please view a printable version of this Review: Broadleaf Q22015