First Quarter 2019 Performance Commentary And Review

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Includes: BIBL, CHGX, CRF, DDM, DIA, DMRL, DOG, DUSA, DXD, EDOW, EEH, EPS, EQL, ESGL, FEX, FWDD, GSEW, HUSV, IVV, IWL, IWM, JHML, JKD, OMFS, OTPIX, PMOM, PPLC, PSQ, QID, QLD, QQEW, QQQ, QQQE, QQXT, RSP, RVRS, RWM, RYARX, RYRSX, SCAP, SCHX, SDOW, SDS, SFLA, SH, SMLL, SPDN, SPLX, SPSM, SPUU, SPXE, SPXL, SPXN, SPXS, SPXT, SPXU, SPXV, SPY, SQQQ, SRTY, SSO, SYE, TNA, TQQQ, TWM, TZA, UDOW, UDPIX, UPRO, URTY, USA, USMC, UWM, VFINX, VOO, VTWO, VV, ZF
by: Broadleaf/Doug MacKay
Summary

The first quarter of 2019 proved to be a kind one for the Broadleaf Growth Equity Portfolio, which posted a gain of 18.7% net versus 13.7% for the S&P 500.

Our portfolio’s strong first quarter results were supported by gains from positions within the industrial, technology and communications services sectors, offset to a small degree by weakness within the defensive healthcare sector.

While we could envision a short-term run for cyclicals from here (financials, energy and materials) similar to what occurred in 2016, we continue to emphasize innovators in the Broadleaf Growth Equity Portfolio, holdings that can grow sales and profits for the longer haul, even if interest rates and economic growth remain lower for longer.

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.