The fund returned 6.8% during the first quarter of 2024, trailing its peer group, the Investment Association (IA) Global sector, which gained 7.8%. This underperformance was driven by our regional allocation. Relative to the MSCI World Index, the fund was underweight to both North American and European markets, which saw sizeable gains over the quarter. The fund ended the period in the third quartile of its sector peer group but still remains comfortably in the first quartile of the IA Global sector over one, three and five-year time periods.
