Taxable Bond - Core: The core bond holdings returned -13.02%, underperforming due to the rising interest rate environment, which negatively impacted bond prices.

Taxable Bond - Indiv: Individual bonds returned -11.93%, which, while negative, showed a slightly better performance compared to the core bonds, likely due to shorter durations or different credit exposures. The overall fixed income allocation softened the portfolio's volatility but still resulted in losses.

The short-term investments provided a positive return of 1.50%, offering a safe haven during market volatility. Cash and money market funds also contributed positively but formed a small portion of the portfolio, limiting their overall impact.

Equity Segment: The equity portion of the portfolio underperformed the Russell 2000 Index, which returned -20.44%. This underperformance is mainly due to the heavier weighting in growth stocks, which were more adversely affected.

Fixed Income Segment: The portfolio’s fixed income returned -12.26%, compared to the Bloomberg US Govt/Credit return of -13.58%. This indicates that while the fixed income allocation provided relative protection, it still faced challenges due to the broader bond market downturn.