Equity markets closed the quarter slightly positive but the path was anything but smooth, driven by ambiguity in economic growth, oil prices and interest rates. We are disappointed with our performance so far this year but are confident our process and the recent portfolio changes will get our portfolio back on track. Within our equity portfolio, we were unable to avoid some pain as healthcare and financial holdings were down in the first quarter. The healthcare sector has been under pressure since July 2015 as political rhetoric from both parties intensified. Drug pricing became a visible topic after several pharmaceutical companies dramatically increased prices on some old drugs with little competition. Pharmaceutical, medical device and distribution companies also came under pressure as their customers, basically the insurance industry and service providers, consolidate further and gain greater pricing leverage. We reduced the healthcare exposure, but still have an overweight position to the sector as we expect it to benefit from new drug launches and medical device discoveries over the next few years and as valuations are now at a discount to the overall market. Financial stocks also declined as investors focused on interest rate predictions, potential new regulation, modestly declining profit margins and exposure to energy loans that could potentially default or need to be worked out. Like their competition, the banks in your portfolio remain subject to the interest rate environment and will need to adjust to any regulatory changes. However, they do not hold any energy loans and are expected to increase earnings about…