Saga Partners is excited to host our first annual luncheon next month. While our investors live all across the country, we are excited for those who are able to attend at our world headquarters in Cleveland, Ohio. We are happy to have Umberto Fedeli as a guest speaker, followed by a brief presentation, and an opportunity to ask some questions. It should be a fun time to enjoy some good food and drinks, and we hope to see you there! During the first quarter of 2018, the Saga SMID Cap Portfolio declined 3.3% net of fees.