Laurence Boyle

Our global multi-asset approach remains overweight in equities in aggregate, with a value style in Europe, Japan, Emerging Markets, and the UK. We have continued with our overweight to Emerging Markets due to opportunities with the asset class. We are also focusing on investing across the full market cap spectrum in our equity allocation. In Fixed Income, we maintain a barbell approach, balancing long-duration government debt with short-duration corporate credit to navigate varying market conditions and manage interest rate risk. To enhance portfolio diversification and resilience, we continue to integrate alternative assets, including infrastructure, gold, and defined return strategies. We have maintained our overweight to Gold and Silver due to the positive backdrop for these metals in the current environment. We continue to take a disciplined, forward looking approach to portfolio construction and believe this philosophy will remain effective as markets evolve through 2026 and beyond.

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