Ithaka's portfolio lagged the R1000G during the quarter, trailing the index by 570bps with stock selection detracting 540 bps to relative performance. The largest area of underperformance was Technology where the underperformance was pervasive, with only 5 of the 17 positions held for the entire quarter outperforming the benchmark. Howmet's stock climbed in the first quarter following a strong February earnings report that beat Street expectations on both the top and bottom line.