Positions in Adyen, FEMSA, and Temenos contributed most positively to performance, driven by better-than-expected quarterly results. Positions in Yum China, Aon, and CP All detracted most due to near-term disappointments.
No new positions were initiated or sold during the quarter. Positions in Dassault Systemes, FEMSA, and Linde were reduced, while positions in Nestle, Steris, and Universal Music Group were raised, among others.