As reported by our fund administrator, the Master Account, in which I am personally invested alongside SMA clients, returned 7.1% net in Q1 2024 vs 10.6% for the S&P500. As of March 31, 2024, the top ten positions comprised approximately 66% of the portfolio, and the portfolio held approximately 8.2% in cash. It has been five years since the inception of Alphyn Capital Management, which I embarked on in January 2019 with my capital before officially registering as an investment advisor in April of that same year. As a registered investment advisor, I focus on two strategies for clients.