Summary

• The fund posted a return of -1.36% (Class I shares) for the first quarter of 2026.
• Shell contributed to relative returns as it benefited from higher oil and gas prices due to supply disruptions caused by the conflict in the Middle East.
• SAP detracted amid concerns about potential disruption caused by artificial intelligence (AI), a slower migration to cloud services, and weaker cloud backlog data.
• The fund exited the UBS position as the risks, especially within the U.S. wealth management franchise, made the risk-reward profile unattractive.
• Holdings with a lower dollar exposure and carry positions, notably Indian banks, detracted amid higher oil prices, though we remain constructive over the longer term.

• The fund posted a return of -1.36% [[Class I shares]] for the first quarter of 2026.

• Stock selection and overweight positions in the financials, industrials, and consumer discretionary sectors detracted, while security selection in the materials, communication