3Q 2026 Update Webinar Replay

 Webinars [[{“value”:”Original broadcast details
Date: Thursday, October 15, 2026
 
Executive Summary
U.S. portfolios continued to deliver strong earnings growthEarnings growth has been consistently strong each quarter this year, but quarterly returns have varied due to changes in valuation multiples. In the quarter multiple compression more than offset earnings growth, resulting in a -1.3% return. While we underperformed our benchmarks for the quarter, we remain ahead of them year-to-date.
Global and International portfolio exhibited similar trendsLike our U.S. portfolio, Global and International have delivered consistently strong earnings growth throughout 2026. However, multiple compression more than offset that growth during the quarter, contributing to relative underperformance.
AI continues to be a major driver of individual stock performance in 2026Our portfolios are well balanced between AI Winners, AI Neutral, and “perceived” AI Losers. In the U.S., AI winners have been driving our outperformance, with AI neutral stocks performing in line with the benchmark.
We believe our portfolio positioning offers an attractive combination of valuation and earnings growthOur U.S. portfolio’s NTM P/E stands at 11.7x, a 39% discount to the S&P 500. Despite this substantial valuation discount, our portfolio has delivered a historical EPS growth rate of 11.4%, 4.6 percentage points more than the S&P 500. Global and International portfolios offer a similarly attractive combination of discounted valuations and strong earnings growth.”}]]