The opinions expressed herein are those of Sapience Investments, LLC (“Sapience”) and are subject to change without notice. Past performance is not a guarantee or indicator of future results. This material is not financial advice or an offer to sell any product. You should not assume that any of the investment strategies or securities transactions discussed herein are or will be profitable. Sapience reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Sapience is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Sapience, including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request by emailing