Summary

• Natural resources was the main driver of outperformance, followed by global listed infrastructure.
• Allocation effects were the primary contributor to relative performance against this index, with a negligible impact from security selection.
• This quarter, Nomura Global Listed Real Assets Fund's asset allocation underwent a slight shift from natural resource equities to inflation-linked bonds and listed real estate.
• New equity positions were established in Agnico Eagle Mines Ltd. , Charter Hall Group Stapled Units, and Ovintiv Inc. among others, replacing exits from Wheaton Precious Metals Corp. , Parex Resources Inc. , and Metallus Inc.
• Toward the end of the quarter, sector exposure to energy increased slightly, while materials exposure fell.

Market review

The cautious optimism that characterized the beginning of 1Q26 quickly succumbed to the escalating geopolitical tensions and widespread market disruption that unfolded as the period progressed. Global markets began the year with positive performance, building

47 Followers