The International Equity portfolio declined 6.5% gross during 1Q vs a 1.2% decline for the MSCI EAFE Index, as both sector exposure and stock selection were headwinds to relative performance.
BAE Systems PLC shares returned 26% during 1Q'26, as the company is well positioned to benefit from defense spending growth across NATO member countries over the coming decade.
Taiwan Semiconductor Manufacturing Company Limited continued to benefit from attractive demand fundamentals and raised its revenue outlook after consistently exceeding sales expectations in prior quarters.
SAP SE shares declined about 30% in the quarter as market fears around AI disruption overshadowed the company's reported topline growth and margin expansion.
ICON, PLC declined sharply in 1Q on the announcement of a delay to fourth quarter reporting due to an internal investigation into prior year revenue recognition.
