Summary

• TVA Group was the fund's top performer in the first quarter, benefiting from a significant one-time retroactive revenue adjustment related to its specialty channels.
• The Hershey Company gained 14.2% as cocoa costs retreated, reversing extreme inflationary pressures while consumer demand for the company’s products proved resilient.
• Lockheed Martin and General Dynamics reached a historic milestone this quarter with the successful Artemis II mission, the first crewed flight around the moon since 1972.
• The market’s reaction to the ICON Plc internal investigation was severe, but management anticipates the revenue restatement will be less than 2% for each affected year.

The following segment was excerpted from the GreensKeeper Value Fund Q1 2026 Letter.

Our top performer in the first quarter was TVA Group (TVA.B:CA) +103.8%. The stock benefited from a significant one-time retroactive revenue adjustment

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