Summary

• Global equity markets experienced a period of volatility during the first quarter of 2026, as the onset of the U.S.-Iran conflict in early March prompted a reassessment of risk and energy pricing.
• The Long European Healthcare Equities and Long Mexico Equities tilts contributed the most to the Fund's return over the quarter while Investment Grade Fixed Income, Long Indian Equities, and Long US Healthcare Equities detracted the most in Q1.
• In March, a new tilt position, Long Turkish Lira vs. Short US Dollar, was added early in the month.

Global equity markets experienced a period of volatility during the first quarter of 2026, as the onset of the U.S.-Iran conflict in early March prompted a reassessment of risk and energy pricing. While the year began with