During the first quarter of 2024, returns for separate accounts managed by Greystone Capital ranged from -1.2% to +2.0%. The median account return was -0.1%, net of fees. First quarter results compare unfavorably to the S&P 500 and Russell 2000 returns of +10.6% and +5.2% during the quarter. Because client portfolios are invested in a concentrated way consisting of small companies mostly outside of the major indices, our returns should typically vary from the returns generated from those indices.