Summary

• During the quarter, our Emerging Markets Select Value portfolio rose and outperformed both the MSCI Emerging Markets Index and MSCI Emerging Markets Value Index.
• Consumer staples, information technology, and energy were the largest contributing sectors.
• Consumer discretionary, communication services, and real estate were the largest detracting sectors.

After a strong 2025, emerging market equities were broadly flat during the quarter. Following a promising start to the year, markets pulled back sharply in March amid escalating tensions in the Middle East. Performance at the country level was

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