Summary

• The events of the last month color the perspective on the entire quarter, having erased most of the gains that markets posted through February.
• The International Equity ADR composite returned 1.1% gross of fees in the first quarter, ahead of the 0.6% decline in the MSCI ACWI ex US Index.
• Strong stocks in Information Technology and Industrials helped results, while picks in Financials and Communication Services modestly detracted.

What's on Our Minds

The events of the last month color the perspective on the entire quarter, having erased most of the gains that markets posted through February. Overall, the portfolio held up reasonably well on a relative

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