Global stocks delivered their strongest quarterly return since 2020 through 6/30/2026. While index-level performance was strong, significant volatility persisted beneath the surface. It’s difficult to discuss the impact of Artificial Intelligence on markets without sounding overly dramatic. Simply put, AI has fueled one of the largest investment booms in history. Our strategy is unchanged in this environment: own the broad market and avoid unforced errors. We will continue to be patient as we selectively add diversifiers to portfolios overtime.