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Marc Davis, CFA, Co-Portfolio Manager, discusses the strong start to 2026 and continued market broadening as the AI theme draws greater scrutiny from investors. He sees a challenging path forward with stocks vulnerable to selling pressure on the heels of a tremendous 3-year run. Looking ahead, Sawgrass expects equity returns to be more muted with increased market volatility, however greater variation in universe returns and a better stock picking environment could be supportive of active managers' ability to outperform their benchmarks and peers.