Summary

• An underweight position relative to the benchmark in broadline retailer Alibaba Group Holding hurt returns after the stock rose on news of Alibaba's artificial intelligence work with Apple and DeepSeek.
• Societe Generale has been inexpensive relative to its peers, and we believe its net interest income is poised to inflect.
• We think Tencent's revenue growth will accelerate due to the Chinese government's supportive actions, which should improve the overall economy and help the company's advertising revenue growth.

Market Review

Tectonic shifts occurring in markets due to major U.S. policy changes. U.S. policy shifts have caused the start of significant underlying changes to the global economy and geopolitical order. In the first quarter, non-U.S. developed markets advanced. During