Argosy Investors 1Q22 Commentary
Argosy Investors commentary for the first quarter ended March 31, 2022. Dear Investors, 2022 first quarter performance was -15.1% in select accounts. The S&P 500 by comparison returned -4.4%. We ended the quarter with 43% of the portfolio in cash and equivalents, which means that these results would have been worse without the allocation to cash. Looking into why our performance lagged the market so significantly, some of our worst performers were our largest positions. I am optimistic we will not see that pattern repeat, particularly with businesses that have generated strong business results...