The first quarter was a tale of two halves. During the first half, the stock market came under significant pressure as oil prices fell to new lows, broader credit concerns became elevated, and recessionary risks rose.  The second half was marked by a bounce in oil prices on a hoped for production quota agreement from OPEC, more dovish Fed comments concerning global economic weakness, and a rebound in stocks to the unchanged level for the year.

While our portfolio did enjoy a nice rebound off the intra quarter lows, our results lagged those of the market for the full quarter as economic cyclicals, value stocks, and the commodity complex led the bounce to the upside.  The markets are at a crucial turning point, as cyclical and structural forces compete for the incremental investment dollar.

On a 3, 5 and 10 year basis, our results remain in the top half of our peer group and since inception, we’ve outperformed the market by roughly .8% annually, net of fees.

For further information on the first quarter and our investment outlook, please view a printable version of this Review: Broadleaf Q12016