During the first quarter the Westport Select Cap Fund’s Class R shares declined 0.38%, trailing by 470 basis pointsi the Russell 2000® Index’s gain of 4.32%. Since inception seventeen and a quarter years ago, the Westport Select Cap Fund R shares have outperformed by 251 basis points a year, 10.20% to 7.69%, both compounded annually.
In the first quarter the over-all market struggled to make any meaningful headway. Small cap stocks actually outperformed the rest of the market as the Russell 2000® Index’s gain was more than three percentage points ahead of the Standard & Poors 500 Index’s (“S&P 500”) 0.95% increase. Within the Russell 2000® Index, growth significantly outperformed value rising 6.63% to 1.98%. Just under one-half of the appreciation in the small growth stock category was accounted for by Health Care which got an important boost from bio-tech stocks. Continue Reading »