Summary

• The Global Technology and Innovation Fund returned -7.02% and the MSCI All Country World Information Technology Index returned -6.73% for the first quarter of 2026.
• The global technology sector lost ground in the quarter, mainly due to pressure artificial intelligence-related disruption placed on software stocks.
• Step-function advancements most recently illustrated by Claude's newest capabilities have widened the range of outcomes for the software sector and compelled the Global Technology and Innovation Fund to review its holdings.
• High levels of capital investment were a boon for semiconductor capital equipment-makers and foundries, as their order books swelled in response to growing demand for agentic AI.
• Adoption of agentic AI is making winners out of legacy technologies including memory chips, optics, and central processing units that previously had not been considered as direct beneficiaries.

At a glance

Performance

The Fund returned -7.02% and the MSCI All Country World Information Technology Index ^SM returned -6.73

Contributors/detractors

Internet infrastructure company Snowflake (SNOW) and Internet platform Meta were among the

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