The Global Leaders Strategy's high-conviction approach to investing and our exposure to these investments in the portfolio amplified the negative impact on performance.
Given its concentrated nature the Global Leaders Strategy's performance is primarily an output of stock-picking.
The largest drag was from investments most impacted by the “AI loser” narrative, making up just over one-third of the Strategy.
We have spent significant time on drawdown discussions during the quarter, and we have met with almost every company in the portfolio over the last few months.
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The Global Leaders Strategy is focused on delivering attractive long-term performance by investing in a concentrated portfolio of companies that can uniquely solve a problem for their customers and generate attractive economics for shareholders. Given
