For the 1Q24 quarter (ended March 31, 2024), cumulative net returns improved 9%. Since inception in November 2015 through quarter end 1Q24, LCA returned a cumulative 188% net of fees, or 13% CAGR. As a backdrop to returns, on a cumulative net basis, since inception, we comfortably exceed two widely used representative indices for passive small company investing, the iShares MicroCap ETF and Russell 2000 Index (RTY), and are roughly in line with the S&P. Past performance is no guarantee of future results. Individual account returns may vary. Whether returns are up or down, ours' is not a quarter-to-quarter approach.