Summary

• For the quarter ended March 31, 2026, the fund returned 0.12% (Class I shares at NAV), strongly outpacing the MSCI ACWI Index -3.11% return.
• Although geopolitical risks are high, earnings growth remains healthy, the AI infrastructure buildout continues to accelerate, and many other secular and cyclical themes provide tailwinds.
• We have adjusted our positioning to be more balanced across cyclical and defensive cohorts, while maintaining our emphasis on thematic growth exposure.
• Positioning shifts include moderating our exposure to financials and increasing exposure to businesses that are less vulnerable to near-term macroeconomic risks.
• Optical networking, robotics, and space represent three secular growth themes where we see especially strong tailwinds and are actively investing across the value chain.

Investment Manager Discussion

We entered 2026 with optimism, as the global rebalancing we anticipated was gaining traction, supported by stimulative fiscal policies, a weak dollar environment, and broadening secular growth themes. While we remain optimistic and our underlying conviction

583 Followers