Small Cap Value Commentary 2Q24
6-30-24
MARKET OVERVIEW:
The Congress Small Cap Value Portfolio (“the Portfolio”) returned -4.5% (net of fees) vs -3.6% for the Russell 2000 Value Index (“the Index”) in 2Q24. The Index declined amidst the hawkish repricing of interest rate cuts and Value modestly underperformed Growth in small caps, particularly on weakness in Health Care and Biotech given concerns regarding valuations with elevated rates.
The Portfolio largely kept pace with the Index throughout the quarter. Selection in Technology and Consumer Discretionary benefited relative performance. This was offset by weakness in our holdings in Health Care and Industrials.
