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The Summitry Select Composite returned +18.8% gross of fees (+18.5%, net) during the first quarter of 2023, -5.4% (-6.6%, net) over the prior 12 months, and -8.5% (-9.7%, net) annualized since inception in January 2022. As we highlighted in our January 2023 letter, it is difficult to draw conclusions from results over such a short period. However, we would point out that the portfolio’s strong start to 2023 partially reflects a recovery from 2022 by shares of the higher growth businesses we favor in Select. While the broad S&P 500 total return index increased +7.5% in Q1, the Invesco QQQ Trust, which attempts to match the performance of the tech heavy NASDAQ 100 index, appreciated +20.5% over the same period.