Summary

• The portfolio declined during the quarter and underperformed the MSCI ACWI Index.
• Negative stock selection in consumer discretionary, communication services and financials drove relative underperformance.
• During the quarter, we initiated new positions in Edwards Lifesciences, Eli Lilly and Roblox.

Portfolio Management

Jim Hamel, CFA

Portfolio Manager (Co-Lead)

Angela Wu

Portfolio Manager (Co-Lead)

Jason White, CFA

Portfolio Manager

Matt Kamm, CFA

Portfolio Manager

Jay Warner, CFA

Portfolio Manager

Investing Environment

Global equities declined during Q1