Continues to face challenging environment. Patience and a risk-first approach set Massachusetts Investors Growth apart. In periods where the market chases momentum, lower quality, or continues to coalesce in the largest companies, this strategy can look like a laggard, as it has recently. Over a full market cycle, though, this strategy’s focus on owning durable—but still growing—businesses should pay off for investors, as it should prove resilient when markets get jittery.