Summary

• The first quarter of 2026 was marked by sharp shifts in sentiment across emerging markets, though they outpaced developed markets.
• After a strong start driven by enthusiasm around AI related investment and electrification themes, markets sold off aggressively in March as geopolitical risks intensified and investors rotated out of prior winners.
• Over the quarter, we reinitiated Prio and bought South African mining company Valterra Platinum.

Fund performance

After a strong start driven by enthusiasm around AI related investment and electrification themes, markets sold off aggressively in March as geopolitical risks intensified and investors rotated out of prior winners. Against

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