L2 Large Cap Growth – Q1 2025

-9.98%, while the strategy fell -12.90%1 net in the quarter. We believe the strategy’s underperformance can be ascribed to investors’ responding to proposed policy changes with a “ready, fire, aim” approach. Our strategy’s preference for reasonably priced and quality-oriented growth means that our underperformance merely increased our fundamental advantage compared to the benchmark.

For investors like us, moments like these are an essential component of how our disciplined and fact- based investment process adds value over a full- market cycle.