Summary

• Industrials was a source of weakness. Financials holdings weighed on relative performance. Real estate positioning contributed nominally.
• The portfolio continues to invest in companies we believe are strong and improving but whose share price performance does not fully reflect these factors.
• Our process is based on individual security selection, but broad themes have emerged.

Portfolio Review

Equities felt heavy pressure from multiple events. Early in the quarter, data, software and information technology-related stocks sold off abruptly after Anthropic released new artificial intelligence tools, which led investors to consider the potential threats

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