Growth stocks significantly underperformed their value counterparts over the quarter, as investors rotated toward cyclicals and more defensive areas of the market amid anxiety about the disruptive influence of AI. Sector allocation, a result of the portfolio's bottom-up stock-selection process, was the primary driver of relative underperformance. Top relative detractors from performance during the quarter included not owning Costco, and overweight positions in KKR and DoorDash.