Volatility once again returned to U.S. stocks in the First Quarter of 2022, as global economic uncertainty arose from inflationary pressures, supply chain challenges, and the Russian invasion of Ukraine. Despite eye-popping inflation numbers and the likelihood of several interest rate increases this year, the S&P 500 Index posted a modest loss of 4.6% in the recent quarter.

Although every year has its unique challenges, 2021 had no shortages of uncertainties to navigate, including an ongoing global pandemic, supply chain disruptions, port congestion, labor shortages, inflationary cost pressures, and a polarizing political backdrop. Nevertheless, the market climbed another wall of worry as an abundance of liquidity found its way into U.S. equities as well as most asset classes in 2021.

Estimated capital gains for Hodges Fund, Hodges Small Cap Fund, Hodges Blue Chip Equity Income Fund, and Hodges Small Intrinsic Fund.