March 2023 will live long in investor memories as the month that rocked financials, both in the US and abroad. SVB collapsed, causing a broad sell-off in US banks, which briefly leaked into the broader indices before we saw a general recovery trade helped by some careful Fed wording. Tech was broadly the winner of the rebound, with financials, energy and healthcare all lagging. As a result, Spyglass’s tech heavy portfolio returned -0.5%, outperforming the Russell 2500 Growth TR Benchmark’s -1.6%. Spyglass closed out the quarter up some 12.5% vs the same benchmark’s 6.5%.
We were delighted to host the Q1 2023 Spyglass US Growth Fund (UCITS) webinar last week with Jim Robillard and Denis Clohisy 'Is Now the Time to Increase Exposure to US SMID Cap Growth Stocks?' Watch the replay now.
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