Navigating Global Markets: Performance and Strategy Amidst Geopolitical Shifts

Quarterly Fund Results: Outperforming Amidst Market Fluctuations

For the initial quarter of 2026, the Fund recorded a positive return of 0.14%, successfully surpassing its benchmark, the MSCI All Country World ex USA Index SM, which experienced a decline of -0.71% during the same period.

Sectoral Dynamics: Key Contributions and Challenges

The fund's relative outperformance was significantly bolstered by strategic stock picks within the industrial and energy sectors. Conversely, selections in the information technology and consumer discretionary sectors acted as a drag on performance, hindering the overall gains.

Global Landscape: Geopolitical Impacts on International Equities

The quarter was marked by notable instability in international stock markets, largely attributable to an escalation in geopolitical tensions worldwide. These global events introduced a layer of unpredictability, affecting investor sentiment and market movements.