Our overweight position in the Energy sector has become a topic of increased conversation among our client base. Due to recent underperformance associated with the correlation with oil prices, the stock prices of all of our Energy holdings have come under negative pressure. The untimely increase in our Energy exposure has rightfully heightened the scrutiny from our client base. We view this as only a prudent response on the part of our clients. All have not had the benefit of our historical performance and some sense of concern is warranted.
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