Positions in Novo Nordisk, SAP, and ICON contributed most positively to performance. Positions in AIA Group, HDFC Bank, and Shandong Weigao detracted from performance.
New positions in LVMH, Lululemon, Haleon, and Waste Connections were initiated during the quarter, replacing positions in CP All, Temenos, and Shandong Weigao. Others were trimmed on strength and added to on weakness.