Large Cap Growth Commentary 2Q24

MARKET OVERVIEW:

The Congress Large Cap Growth Portfolio (“the Portfolio”) returned 3.9% (net of fees) vs 8.3% for the Russell 1000 Growth Index (“the Index”) in 2Q24. Index performance was heavily concentrated, with 65% of the return coming from Apple and NVIDIA. Our diversified Portfolio with guardrails of ~5% position sizes underperformed.

Security selection in Consumer Staples, particularly in stocks with more resilience to an uncertain consumer environment, aided relative performance. This was offset by the Portfolio’s Technology holdings, particularly an underweight to Apple and NVIDIA, which were over 20% of the Index’s market capitalization at the end of the quarter.