Summary

• The portfolio trended higher for Q1, outperforming the ICE BofA 3-Month Treasury Bill Index for the period, and has remained ahead of the index since inception.
• Sovereign and corporate credit spreads widened over the quarter, as investors began to price in higher risk amid the conflict with Iran.
• Strong demand for EM debt supported robust sovereign and corporate issuance in Q1, totaling $241.6 billion, a 4.9% increase year over year.
• In our view, the portfolio has remained conservatively positioned given the heightened geopolitical uncertainty that characterized Q1.

Portfolio Management

Michael A. Cirami, CFA

Portfolio Manager

Sarah C. Orvin, CFA

Portfolio Manager

Performance Discussion

The portfolio (APFPX) trended higher for Q1, outperforming the ICE BofA 3-Month Treasury Bill Index for the period, and has

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