Volatility rose in the first quarter amid shifting interest rate expectations, geopolitical tension and mixed economic data.
The S&P 500 Index had its largest quarterly decline since 2022.
The US Federal Reserve paused its rate cuts, adopting a cautious stance.
Top contributors to the fund’s results, including Chevron and Johnson & Johnson, excelled through disciplined capital management and strategic initiatives.
The fund maintained a quality bias emphasizing companies that have sustainable free cash flow and healthy balance sheets, with exposure to secular growers in areas like cloud computing, automation and health care to navigate volatility.
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Manager perspective and outlook
U.S. financial markets experienced a turbulent first quarter driven by shifting interest rate expectations, geopolitical instability and mixed economic data.
Equities began the year supported by solid corporate earnings and broader
