Select Industries was down 4.1% in February, lagging the S&P 500, but in-line with mid and small cap benchmarks.  Homebuilding continued to struggle with buyer affordability and shrinking margins, while growth-oriented groups like Interactive Media and Internet Services sold off amid the rotation out of growth.  Holdings in defensive industries (Health Care, Telecom, Insurance) worked to offset weakness throughout the rest of the portfolio.  The strategy is up 1.9% year-to-date.