The portfolio delivered negative returns during the quarter and underperformed the MSCI ACWI index (in US dollar terms).
Sector allocation was negatively impacted by having no exposure to Energy, which was the top-performing sector over the period, nor Utilities, which was the second-strongest sector.
Stock selection provided headwinds, particularly within Industrials and Health Care.
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Performance
The portfolio delivered negative returns during the quarter and underperformed the MSCI ACWI index (in US dollar terms). A lack of exposure to Energy, concerns over AI-related disruption to business models and style factors created headwinds
