A look at the strategy a year on and why we think valuation should be more top of mind for investors.

Highlights:

• Influence of big tech stocks on the U.S. market and associated impacts to the small and mid cap space
• The AI theme continues—Elastic, Concentrix, Moderna
• Why is the U.S. market more expensive compared to its developed market peers?
• Regional banks—what happened, the current state, and opportunities (e.g., First Citizens Bank)
• Identifying potential economic themes through a bottom-up lens—Insperity, Dollar General, XPEL
• Some of the recent main performance drivers for the strategy—Winmark, Copart, Verisk, FLEETCOR, Global Industrial, Donnelley Financial