Summary

• International equities declined in March as the U.S.-Israel conflict with Iran escalated, resulting in mixed quarterly performance.
• Relative performance was most impacted by the Portfolio's limited exposure to traditional energy during a quarter in which the energy sector surged roughly 40%.
• Japan stands out among developed markets due to rising interest rates, governance reforms supporting higher returns on equity, and expansionary fiscal policy that should boost domestic demand, defense spending and technology investment.

Key Takeaways

• Markets: International equities declined in March as the U.S.-Israel conflict with Iran escalated, resulting in mixed quarterly performance. The MSCI EAFE Index fell 1.2% but still outperformed the S&P 500 Index (4.3%). Value stocks continued to lead amid

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