Summary

• The quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty.
• The Fund returned -0.44%, reflecting performance at the NAV of Class I shares with all distributions reinvested for the quarter ended March 31, 2026.
• As we look ahead, innovation continues to flourish in many areas, and we continue to find quality companies across the market cap spectrum in these favored areas.

Market Review

• The quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty. Markets faced headwinds from weakness in Technology/Software (driven by AI disruption concerns) and escalating geopolitical tensions, though supportive macroeconomic conditions

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