Summary

• Impax Ellevate Global Women's Leadership Fund portfolio underperformed global equities, as measured by the MSCI World Index, over the first three months of 2026.
• Global equity markets finished the period lower despite a strong start to the year, reflecting a quarter of two distinct halves.
• Despite increasing concerns around the economic growth outlook, bond yields rose as higher oil and commodity prices reinforced expectations that inflation will remain elevated for longer.

Performance

• The portfolio underperformed global equities, as measured by the MSCI World Index, over the first three months of 2026. This underperformance was primarily driven by the lack of Energy exposure and weak security selection within Industrials, a sector

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