Summary

• The portfolio delivered negative returns during the quarter and underperformed the MSCI ACWI index (in US dollar terms).
• Sector allocation was negatively impacted by having no exposure to Energy, which was the top-performing sector over the period, nor Utilities, which was the second-strongest sector.
• Stock selection provided headwinds, particularly within Industrials and Health Care.

Performance

• The portfolio delivered negative returns during the quarter and underperformed the MSCI ACWI index (in US dollar terms). A lack of exposure to Energy, concerns over AI-related disruption to business models and style factors created headwinds

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