Market Environment    We hope everyone is enjoying the summer. Since our May update, markets have largely unfolded as anticipated. Strong corporate earnings, resilient economic growth, and continued investment in artificial intelligence infrastructure helped propel U.S. equities to new all-time highs in early June. In mid-June, markets entered a period of consolidation as investors digested a variety of concerns: geopolitical tensions, lingering inflationary pressures, AI capex spending concerns, and the great software meltdown. In our view, this pause was normal and healthy rather than a signal that the underlying bull market has run its course.   Beneath the surface, however, significant market rotation has occurred. Over the past several weeks, investors have shifted capital away from many of the market's strongest AI-related performers and toward sectors and companies that had previously lagged. This rotation created volatility across a number of our holdings, particularly those that had benefited from strong relative performance over the last year. Recent [...]