Summary

• Global equity markets pulled back in the first quarter, with the MSCI ACWI Index falling 3.20% during the period.
• The MSCI EAFE Index fell 1.24% during the period, while the MSCI ACWI ex USA Index declined 0.71%.
• For the first quarter of 2026, Aristotle Capital’s International Equity ADR WM Composite posted a total return of -3.39% gross of fees.

Markets Review

Global equity markets pulled back in the first quarter, with the MSCI ACWI Index falling 3.20% during the period. Global fixed income markets also weakened, as the Bloomberg Global Aggregate Bond Index decreased 1.07%. From a style perspective, value stocks outperformed

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