Summary

• Mergers and Acquisition ((M&A)) volume continued its strong pace in the first quarter with $1.2 trillion in announced transactions.
• The Fund's top contributors to performance for the quarter were TEGNA Inc., Millicom International Cellular S.A., National Fuel Gas Co., Telesat Corp., and Myers Industries Inc.
• GIP and EAT agreed to acquire AES Corp. for $15.00 per share in cash on March 2.
• Sumitomo Forestry agreed to acquire Tri Pointe Homes Inc. for $47.00 per share in cash.
• On December 8, 2025, IBM agreed to acquire Confluent for $31.00 per share in cash.

Investment Scorecard

Mergers and Acquisition (M&A) volume continued its strong pace in the first quarter with $1.2 trillion in announced transactions. This represents a 27% increase compared to the first quarter of 2025 and the third consecutive quarter exceeding $1 trillion.