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The month was all about consolidation. After the very strong fourth quarter in 2010, the market this month was decidedly flat, as investors paused to reflect on 2011. We view the consolidation as healthy, and continue our bullish stance.
The fund returned -0.08% versus the TXS S&P return of 0.99%.
The best performing sectors for the month were health care up 11.95%, energy up 5.28% and, info tech up 4.82%, with the worst performing sectors being materials down 5.43% and consumer staples down 0.54%.
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