Summary

• During the quarter, Aristotle Global Equity Advisory trimmed its position in Cameco for risk management purposes, sold its position in Sony Financial and purchased Chevron.
• Chevron completed the acquisition of Hess in 2025, increasing its exposure to the Stabroek block offshore Guyana—one of the lowest-cost and highest-return oil developments globally.
• Completion and ramp-up of the Tengiz expansion in Kazakhstan is expected to materially increase FREE cash flow following a multi-year capital investment phase.

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