Summary

• The Global Equity ADR composite fell 4.9% gross of fees in the first quarter of 2026, compared with a 3.1% decline in the MSCI ACWI Index.
• As markets leaned away from digital businesses, asset-intensive companies such as aircraft engine manufacturers, railroads, and waste haulers attracted renewed investor interest.
• The Energy sector climbed nearly 34% in the quarter as Brent crude rose more than 60%, its largest monthly gain on record.
• Safran generates decades of high-margin aftermarket revenue because aircraft engine maintenance and part replacement are frequent and often required by regulators over the 30-year life of the engine.
• Ryanair consistently earns returns above its cost of capital while continuing to grow through an obsessive focus on cost control and a largely uniform fleet of fuel-efficient aircraft.

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