Summary

• Economic momentum entering the quarter was reasonably constructive, but sentiment shifted as the Iran war escalated throughout March – biasing investor expectations toward weaker growth, higher inflation and more hawkish central bank responses.
• Despite a good start across January and February, a difficult March backdrop led to negative quarterly returns for many asset classes.
• The Global Tactical Asset Allocation Fund posted a total return of -0.03% for the quarter, compared with -1.90% for the Fund's Asset Allocation Blend Index.

Fund Commentary

Economic momentum entering the quarter was reasonably constructive, but sentiment shifted as the Iran war escalated throughout March – biasing investor expectations toward weaker growth, higher inflation and more hawkish central bank responses. The effective closure of the