Summary

• During the first two months, the primary benchmark, MSCI ACWI ex USA SMID Index, rose 12%, before falling nearly 11% in March.
• Our secondary benchmark, the MSCI EAFE Small Cap Growth Index, rose 10.5% through February and then fell 11% in March.
• While the portfolio lagged the two indices in Q1, it meaningfully outperformed both during the March downturn, losing less than 6% in the month.

Portfolio Manager

Rezo Kanovich

Investing Environment

Global equities finished broadly negative in Q1 amid the US-Israel conflict with Iran. Equity returns in March were markedly different from those during the first two months of 2026. Disrupted

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