Quarterly Technology Science Equity Strategy Q1 2023

The Bailard Technology & Science Composite (the “Composite”) posted a Q1 total return of 21.62%, net of fees, meaningfully ahead of the competitor-related benchmarks, with the Morningstar U.S. Open End Technology Category return of 17.48% and the Lipper Science and Technology Fund Index return of 17.88%. The Composite was also ahead of the top-heavy S&P North American Technology Index return of 21.45% and the mega-cap Nasdaq 100 return of 20.77%. Over longer measurement periods of 3, 5, and 10 years, the Composite’s net returns continue to lead the competitor’s peer group benchmarks.