March Report

• Global markets declined as investors reacted to rising interest rate expectations and trade-related uncertainty. Despite this, China delivered modest gains, offering some balance to global weakness.
• A new investment in Trade Desk was added during the month. Key holdings such as UnitedHealth and Tradeweb provided stability, while Schneider Electric detracted.
• The portfolio returned -4.5% in March. While markets were broadly weaker, the portfolio held up better than global equities overall, supported by contributions from Healthcare, Financials, Real Estate, and Consumer Staples.

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 marketplace, which offers a range of futures and options products for risk management. Its exchanges offer a range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange (FX), energy, agricultural commodities and metals. It offers futures and options on futures trading across asset classes through the CME Globex platform, fixed income trading via BrokerTec and FX trading on the EBS platform. In addition, it also operates CME Clearing, a central counterparty clearing provider. The company was founded in 1898 and is headquartered in Chicago, IL.

Deere & Company

United States

Industrials

Deere & Company manufactures and distributes a range of agricultural, construction, forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.

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.

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.

March was a challenging month for share markets, with global equities declining across most regions. In the US, shares came under pressure from ongoing inflation concerns and signs that interest rates may remain higher for longer. Rising trade tensions and soft consumer data also contributed to a more cautious mood.

European markets followed suit, with modest economic activity and political uncertainty dampening investor confidence. On a more positive note, China’s share market edged higher for the month, supported by stronger-than-expected company results and signs of improving economic momentum.

From a sector perspective, Energy and Utilities companies were more resilient, benefiting from their defensive characteristics. In contrast, the Information Technology sector saw the sharpest declines, particularly among companies exposed to the artificial intelligence theme. Consumer-related shares also lagged, reflecting weaker household spending.

Portfolio Commentary

The portfolio declined in value in March, though it proved more resilient than the broader market. This relative stability came from several well-diversified positions in Healthcare, Financials, Real Estate, and Consumer Staples, which helped offset weakness in more cyclical sectors such as Information Technology and Industrials.

One of the most helpful contributors was UnitedHealth Group, the US health insurer. The company’s share price rose during the month as it made progress toward resolving a legal issue, and investors appreciated its stable earnings profile in an uncertain environment. Tradeweb, a US-based fixed income trading platform, also supported returns as increased market volatility led to higher trading volumes across its platforms.

On the other hand, Schneider Electric weighed on results. The French energy management and automation business remains well positioned over the long term, particularly as demand grows for smarter, more efficient infrastructure. However, investor concerns around short-term spending plans by large data centre operators affected sentiment during the month.

During March, the portfolio introduced a new investment in Trade Desk, a US-based advertising technology company. It provides businesses with tools to manage and measure their online advertising in a transparent and independent way. The share price fell after a recent earnings result that came in below expectations, which presented an opportunity to invest at what we believe is an attractive valuation. We see Trade Desk as a long-term leader in the growing digital advertising space.

While the past month brought market challenges, our focus remains on building a portfolio of high-quality, well-managed businesses with strong long-term growth potential. Short-term volatility is a normal part of investing, and we continue to position the portfolio to generate reliable income and capital growth over time.