Underperformance was concentrated in the first half of the quarter as the portfolio lagged during the sharp market advance.
Other than modest underperformance in technology and financials, all other major sectors drove positive relative returns in the first quarter.
Volatility disrupted global markets in the quarter amidst U.S. tariff policies and geopolitical tensions.
Treasury Yields Decline in Q1 Amid Policy Uncertainty and Lower Economic Growth Forecasts
Municipal Yields Rise in Q1 Amid Heavy Supply
