Happy Ten Year Birthday, Broadleaf!
As most people know, this was a difficult quarter for the stock market and our portfolio was not immune. Weakness was broad based across all sectors, with only utilities and select areas of the consumer discretionary space providing positive returns. Thanks to a strong first half performance, our results remain ahead of the benchmark on a year to date basis and in the top quintile of large cap growth managers.
Our intermediate term three and five year results are ahead to generally in line with the S&P 500’s results on a net of fees basis and, for the first time, we are also able to report a ten year number. Net of fees, the Broadleaf Growth Equity Portfolio has returned 8.3% a year, roughly 1.5% per year more than the S&P 500 over the same time period and according to a peer group analysis of large cap growth managers in Morningstar, in the top quintile of our peer group.
For details on our firm’s performance results, our investment outlook, and related disclosures, please read the attached Broadleaf Q32015.