Summary

• Q1 2026 featured recurring shifts between risk-on and risk-off as investors weighed geopolitical risks, trade-policy uncertainty, and mixed monetary policy signals.
• The main driver of the Hartford Conservative Allocation Fund's underperformance vs. the benchmark was asset-allocation decisions, where an overweight to equity and exposure to multi-sector credit detracted.
• Portfolio managers increased positions in the Hartford Inflation Plus Fund and the Hartford Schrodgers Emerging Markets Equity Fund while reducing exposure to the Hartford Core Bond ETF.
• At the end of the quarter, the Fund reduced developed-market exposure to neutral and reallocated toward US and emerging-market equities, reflecting differences in growth durability.
• Fixed-income positioning remained stable, complemented by a modest allocation to TIPS to enhance inflation protection and a preference for global bonds to support portfolio stability.

Market Overview

Q1 2026 featured recurring shifts between risk-on and risk-off as investors weighed evolving geopolitical risks, trade-policy uncertainty, and mixed monetary policy signals, with late-quarter attention increasingly dominated by the Iran conflict and its implications for energy

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