In Q1, the Artisan Global Equity Fund portfolio outperformed the MSCI All Country World Index, as the benchmark posted a negative absolute return.
In the defense and aerospace theme, geopolitical turmoil drove up shares of our Korean defense holdings.
Activity during the quarter was centered on adding to areas where we see durable long-term demand, while also taking advantage of stock-specific opportunities created by market volatility.
We trimmed our insurance portfolio weighting by more than half over the quarter.
