Summary

• The Fund returned -6.43% and the MSCI Europe Index SM returned -2.82%.
• Stock selection in the financials and materials sectors detracted from relative performance, while stock selection in the information technology and communication services sectors contributed.
• While the near-term backdrop remains fluid, any stabilization in the geopolitical environment could see investors shift back toward favorable medium-term domestic dynamics.

Investment environment

• European equities fell in the first quarter of 2026, mainly due to a sharp sell-off in March amid the fallout from the hostilities in the Middle East. Oil and gas prices jumped as the

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