"The largest detractor from Fund performance for the first quarter was CyberArk Software Ltd. (CYBR), a provider of security solutions that protect privileged accounts from cyber attacks. The stock-price decline seemed to be part of a broad correction among fast-growing technology names and wasn't due to any fundamental issues at CyberArk. The company is in the process of transitioning the majority of its business from onpremises installation to software-as-a-service in which customers pay by subscription for the protection they need. We think the transition will be completed successfully and will likely result in a higher price for the stock because revenues and earnings will be more predictable under a subscription-based business model."