March Report

• The global equity decline was led by the US and Europe. Elevated rate expectations, trade uncertainty, and weak macro data pressured sentiment, while China edged higher on improved earnings and economic momentum.
• Trade Desk was added to the portfolio following a pullback. UnitedHealth and Tradeweb supported performance, while Schneider Electric detracted.
• The Fund returned -3.9% in March, declining less than the benchmark, which fell -4.2%, as positive contributions from Healthcare and Financials offset losses in Information Technology and Industrials.

Top Holdings (alphabetically)

Alphabet Inc. Class A

United States

Communication Services

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

Amazon.com, Inc.

United States

Consumer Discretionary

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company products include books, music, computers, electronics and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers. Amazon also operates a cloud platform offering services globally.

CME Group Inc. Class A

United States

Financials

CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange, and commodities. The Company brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.

Meta Platforms Inc Class A

United States

Communication Services

Meta Platforms, Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. Meta Platform is also involved in advertisements, augmented, and virtual reality.

Microsoft Corporation

United States

Information Technology

Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.

Netflix, Inc.

United States

Communication Services

Netflix, Inc. engages in providing entertainment services. It also offers activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA.

Schneider Electric SE

France

Industrials

Schneider Electric SE manufactures electrical power products. The Company offers car chargers, home security goods, light switches, access control, sensors, valves, circuit breakers, cables, accessories, signaling devices, fuse, motor starters, and voltage transformers. Schneider Electric serves customers worldwide.

Tencent Holdings Ltd.

Hong Kong

Communication Services

Tencent Holdings Ltd. provides value-added services, online advertising services, and fintech and business services. It operates through the following segments: Value-Added Services, FinTech and Business Services, Online Advertising, and Others. The Value-Added Services segment is involved in online and mobile games, community value-added services, and applications across various Internet and mobile platforms. The FinTech and Business Services segment offers fintech and cloud services, which include commissions from payment, wealth management and other services. The Online Advertising segment refers to the display based and performance-based advertisements. The Other segment is composed of trademark licensing, software development services, software sales, and other services. The company was founded by Yi Dan Chen, Hua Teng Ma, Chen Ye Xu, Li Qing Zeng, and Zhi Dong Zhang on November 11, 1998, and is headquartered in Shenzhen, China.

UnitedHealth Group Incorporated

United States

Health Care

UnitedHealth Group Incorporated owns and manages organized health systems. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth serves customers in the United States.

Vertex Pharmaceuticals Incorporated

United States

Health Care

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide.

Global equity markets declined in March, led by losses in the United States and Europe. US equities fell as investors contended with persistent inflation, hawkish signals from the Federal Reserve, and growing concern over trade tensions following proposals for sweeping tariff increases. Elevated rate expectations and softer consumer data weighed on market sentiment, particularly for growth-oriented and interest-rate-sensitive sectors.

European equities also ended the month lower. While there were signs of stabilisation in regional inflation and pockets of strength in corporate earnings, the broader sentiment was weak. Political uncertainty in the UK and muted economic activity across the eurozone added to investor caution. In contrast, Chinese equities posted gains, supported by a series of positive earnings surprises and improved momentum in industrial production and consumer demand. Japanese equities declined amid more cautious corporate guidance and subdued activity in key manufacturing sectors.

Across global sectors, Energy and Utilities outperformed as investors rotated toward more defensive areas of the market. Information Technology was the weakest sector, reflecting concerns about elevated valuations and emerging competition in AI infrastructure. Consumer Discretionary also lagged, with investor sentiment hurt by soft spending data and poor performance among AI-exposed consumer platforms.

Portfolio Commentary

The Fund was more resilient than the benchmark in March, supported by relative strength in Healthcare and Financials, which helped offset weaker performance in Information Technology and Industrials. Heightened market volatility, driven by persistent inflation and escalating trade tensions, created a challenging backdrop for equity markets.

UnitedHealth Group was a key contributor. The US-based health insurer advanced as investors responded positively to signs of progress toward the dismissal of a federal lawsuit related to Medicare billing practices. With limited exposure to international trade or supply chain disruptions, UnitedHealth’s defensive profile proved beneficial in the month’s risk-off environment. Tradeweb also contributed positively. The fixed income trading platform benefited from higher institutional trading activity driven by increased market volatility, supporting transaction volumes across its electronic markets.

In contrast, Schneider Electric detracted from performance. The French energy management and automation group remains well exposed to long-term trends in electrification and infrastructure investment. However, recent investor scepticism regarding the capital expenditure outlook of large data centre operators weighed on sentiment, leading to near-term uncertainty around growth expectations.

The Fund initiated a position in Trade Desk during the month. The US-based advertising technology platform enables advertisers to optimise and evaluate digital campaigns through an independent and transparent interface. Shares declined following a quarterly result that missed expectations, creating what the investment team viewed as an attractive entry point. The company’s impartial position and scalable model offer a compelling alternative to larger, vertically integrated platforms such as Google, Meta, and Amazon.

While market volatility remains elevated, the Fund continues to focus on identifying companies with durable competitive advantages, strong cash flows, and long-term growth potential. The current environment underscores the value of a research-driven approach that emphasises business quality, industry structure, and sustainable profitability in navigating uncertainty.