Global markets delivered mixed results in Q1 2026, with international equities generally outperforming the US for much of the period.
In Q1, the portfolio outperformed the MSCI EAFE and MSCI All Country World ex US indices, as both benchmarks posted negative absolute returns.
Activity during the quarter was centered on adding to areas where we see durable long-term demand while also taking advantage of stock-specific opportunities created by market volatility.
Looking ahead, we continue to believe the portfolio is well positioned around several long-duration themes that are increasingly supported by visible capital spending and changing government priorities.
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Investing Environment
Global markets delivered mixed results in Q1 2026, with international equities generally outperforming the US for much of the period. Early optimism was supported by easing inflation in parts of Europe and growing confidence that monetary policy
