Lemon_tm/iStock via Getty Images Sustainable International Leaders: Review and Outlook Our key belief is that competitively advantaged businesses that can invest at high rates of Return on Invested Capital (ROIC), run by capable management teams and are attractively valued have the ability to generate attractive shareholder returns over our investment horizon. Global equity markets continued to experience ongoing volatility and uncertainty in the first quarter of 2026, driven by a sell-off in sectors perceived to be impacted by AI, geopolitical tensions including the Iran war that recently started in February, as well as continuing trade policy shifts. Amidst all this, investors exhibited heightened sensitivity to short-term market signals. We invest using a bottom-up approach, focusing on a company's long-term fundamentals such as competitive position and operating metrics as well as resilience as defined by the ability to hold up well in many different environments.…