1Q17 Quarterly Commentary

The S&P 500 continued to rise and is now up 11% since the election. Meanwhile, the bond market stabilized in the quarter following a rough fourth quarter. After the strong tailwinds our style received in the second half of 2016, a more nuanced environment in the quarter was not unexpected. Oil prices dropped 6 percent in the quarter causing energy to be the weakest sector in our index. Given our overweight this was a drag on performance. Our energy stock selection was a non factor.