Summary

• The International Equity portfolio declined 6.5% gross during 1Q vs a 1.2% decline for the MSCI EAFE Index, as both sector exposure and stock selection were headwinds to relative performance.
• BAE Systems PLC shares returned 26% during 1Q'26, as the company is well positioned to benefit from defense spending growth across NATO member countries over the coming decade.
• Taiwan Semiconductor Manufacturing Company Limited continued to benefit from attractive demand fundamentals and raised its revenue outlook after consistently exceeding sales expectations in prior quarters.
• SAP SE shares declined about 30% in the quarter as market fears around AI disruption overshadowed the company's reported topline growth and margin expansion.
• ICON, PLC declined sharply in 1Q on the announcement of a delay to fourth quarter reporting due to an internal investigation into prior year revenue recognition.

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