The fund closed the quarter with a return of -0.72% for the USD institutional share class, and a return of -1.11% for the EUR institutional class (exchange rate in the quarter EUR/USD: +0.43%). The return for the EUR-Hedged, IYH and IXH share classes (whose hedging acts on the change in the exchange rate relative to all non- EUR-denominated assets) was -1.21% for both. Yield curves continue to be inverted, and the equity rally in stocks related to the artificial intelligence bubble persists. The Chinese recovery remains more uncertain than expected, also negatively impacting commodity prices. Among the 5 Strategies underlying our portfolio management, Compounders was the best, followed by Income and Alternative Risk Premia.

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