Summary

• Northern U.S. Quality ESG Fund underperformed its benchmark for the quarter.
• Factor performance was mixed but modestly supportive, as the Quality factor contributed slightly positively from a cap weighted perspective and higher rated ESG companies provided a similar mild tailwind.
• The strategy's modest underweight to the energy sector accounted for the majority of relative underperformance during the quarter.

Fund Commentary

The S&P 500 pulled back sharply in the first quarter of 2026. Geopolitics took center stage as conflict in the Middle East led to a sharp rise in oil prices and caused bond