The stock market took a breather in the second quarter, falling 2.8%.� If it hadn�t been for a stronger June, the results could have been worse. The Broadleaf Growth Equity Portfolio (BGEP) declined more than the S&P 500 as our positions in the consumer discretionary and technology sectors were pressured more than the market as a whole. Since inception nearly seven years ago, the BGEP has gained 5.6% per year net of fees, approximately 1.8% per year more than 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 .