SMid Growth Commentary 2Q24
6-30-24
MARKET OVERVIEW:
The Congress SMid Growth Portfolio (“the Portfolio”) returned -4.4% vs -4.2% for the Russell 2500 Growth Index (“the Index”) in 2Q24. The Index declined amidst the hawkish repricing of interest rate cuts, as well as the underperformance of SuperMicro (SMCI), which sold off after exuberance earlier in the year.
Year-to-date the Portfolio returned 7.9% (net of fees) vs 3.9% for the Index.
The Portfolio largely kept pace with the Index throughout the quarter. Selection in Consumer Staples and Industrials benefited Portfolio performance. This was offset by our holdings in Technology and Financials.
