Summary

• The Portfolio returned -0.95% (gross) and the 20% MSCI ACWI Net/80% Bloomberg US Agg returned -0.65%.
• Fixed income and U.S. equity investments detracted from relative performance, while international equity holdings slightly contributed.
• While volatility has increased with the onset of conflict, financial markets have proven relatively resilient.

Portfolio management

Adam Hetts, CFA

Oliver Blackburn, CFA

Investment environment

• Global financial markets were relatively stable in the first two months of 2026, supported by resilient economic growth and hopes for central bank rate cuts.

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