Summary

• The Touchstone Non-US Equity Fund (Class A Shares, Load Waived) underperformed its benchmark, the MSCI ACWI ex-U.S. Index, for the quarter ended March 31, 2026.
• Samsung Electronics outperformed as expectations improved for memory pricing amid tight supply demand dynamics and continued to benefit from data center driven demand and improved pricing power across its semiconductor offerings.
• Nintendo was the top detractor during the quarter as shares may have traded lower following strong console launches and concerns over rising memory prices and a temporary gap in new title releases.
• The Fund initiated a position in Ferrari N.V., suggesting better than expected deliveries and profitability into 2026 and potential upside to 2027 earnings given the company's history of being a quality compounder.
• The strategy sold its position in Novo Nordisk as the management had doubts about the efficacy of data around the company's weight loss products versus weight loss products offered by their competitors.

Fund Highlights

• Seeks long-term growth of capital, investing primarily in equity securities of non-U.S. companies.

• Applies bottom-up security analysis that includes fundamental, sector-based research in seeking to identify businesses that have high or improving returns