Spyglass Portfolio -- Megatrends

100 Large vs. SMID Performance +25% +20% +15% +10% +5% 0% -5% As of September 30, 2023 Worst 3-year stretch of underperformance for SMID vs. Large Cap in 20+ years Russell 2000 Index vs. S&P 500 Index -10% -15% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 +25% +20% +15% +10% +5% 0% -5% -10% -15% Russell Midcap Growth Index vs. S&P 500 Index ייו 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Past performance does not guarantee future results. Source: Bloomberg. YTD 2023 38

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