Mid Cap Growth Commentary 2Q24
6-30-24
MARKET OVERVIEW:
The Congress Mid Cap Growth Portfolio (“the Portfolio”) returned -5.5% (net of fees) vs -3.2% for the Russell Midcap Growth Index (“the Index”) in 2Q24.
Year to date, stocks above our market cap ceiling ($50bn) accounted for 66% of Index performance and were the only group with positive returns in 2Q24. In 2023, high quality companies (as measured by ROE) trailed low quality by over 1800bps.