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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"GW&K's small cap fund underperformed in Q1 due to energy underweight and biotech weakness, but AI-exposed technology holdings delivered strong results."
GW&K's Small Cap Core Fund returned 0.03% in Q1 2026, underperforming the Russell 2000's 0.89% return due to sector allocation and stock selection challenges. The fund was hurt by modest underweights to energy, which surged 38.2% on oil price increases, and overweights to consumer discretionary. Technology holdings with AI capital expenditure exposure performed well, including Viavi Solutions, Advanced Energy Industries, MACOM Technology, and Allegro MicroSystems. Materials, industrials, and utilities also contributed positively through Sterling Infrastructure, RBC Bearings, Avient Corporation, and IDACORP. However, healthcare holdings struggled, particularly biotechnology names Veracyte and Arcutis Biotherapeutics. The managers maintain conviction in a cyclical small cap rebound despite geopolitical headwinds, noting that small caps outperformed large caps in Q1 and the second half of 2025. They emphasize their bedrock philosophy of owning diversified portfolios of quality companies with strong competitive positions and effective management teams focused on long-term value creation.
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