Summary

• The BNY Mellon International Stock Fund underperformed the MSCI EAFE Index for the first quarter of 2026.
• The oil gas and consumable fuels industry was a key contributor to index returns, supported by higher oil prices.
• Software-related securities remain under pressure as advances in artificial intelligence were perceived to pose potential competitive threats, weighing on sentiment across multiple sectors and industries.

Market Review

The conflict in the Middle East is driving up energy prices and injecting turbulence into asset markets, disrupting what had been a broadly constructive macro backdrop. It is important to stress that we have no

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