As equity indexes sharply rebounded, the Glenmede Large Cap Core Equity Strategy outperformed in the second quarter, as it benefitted from its holdings with lower market capitalizations than the Russell 1000 Index. However, increasing market concentration of the largest cap stocks and outperformance by companies with negative earnings still are negatively impacting the strategy, which seeks to remain true to its balanced investment principles. Looking ahead, Portfolio Manager Val de Vassal, CFA, notes that the portfolio is positioned at a historic discount relative to the benchmark.