
Manager’s Commentary - First Quarter 2023 Review April 18, 2023
The first quarter of 2023 proved to be another volatile one for U.S. stocks as market sentiment shifted daily between pricing in a hard, soft, or emergency landing for the economy. While turbulence surrounding bank failures and systemic risk to financial markets is unsettling, we are pleased to report that three Hodges Mutual Funds generated positive first quarter 2023 returns relative to their respective benchmarks. Positive relative performance in several of our fund strategies was attributed to our steadfast focus on companies with sound business fundamentals and reasonable valuations.