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A Message from Chief Investment Officer Johara Farhadieh Hello, and thank you for taking the time to read our first Quarterly Investor Letter of 2026. Before turning to markets, I want to begin with something more human. In this quarter’s letter, you will hear a lot about the economic and investment implications surrounding the ongoing war in Iran. But we know this conflict is not just a market event or headline. It carries real consequences for the people, families and communities who are grappling with fear and loss and deep uncertainty. Moments like this remind me how closely intertwined markets and real life truly are. It is impossible to separate portfolio discussions from the reality that global events affect human lives first. At the same time, I know many of you are asking thoughtful and understandable questions about what this conflict means for your organizations, your missions and your long-term financial stewardship. That is where our responsibility comes into focus. Our role is not to react emotionally to every headline, but to approach uncertainty with discipline and preparation. We build portfolios with the expectation that shocks will occur, and we rely on diversification, scenario analysis and rigorous research to guide decisions when the world feels unsettled. And when near-term events evolve into longer-term shifts and dislocations, we seek to adapt by identifying the opportunities and risks most relevant to your portfolios. This is all part of our process and what we are trying to do on a daily and long-term basis, on behalf of our investors. The pages that follow provide more detail and context. I hope they will offer some clarity and perspective on the current geopolitical environment, and the many other forces shaping markets today. As always, we remain engaged, prepared and focused on supporting you with care during a difficult and uncertain moment. Thank you for your trust and partnership.
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This letter is intended for institutional investor audiences. Wespath is a general agency of The United Methodist Church, a 501(c)(3) tax-exempt organization. Wespath administers benefit plans, and its affiliates, UMC Benefit Board, Inc. (“UMCBB”) and Wespath Institutional Investments LLC (“WII”), provide investment management services. UMCBB provides investment management services to funds made available to benefit plan participants and beneficiaries, plan sponsors and other institutions controlled by, associated with, or related to The United Methodist Church. WII provides investment management services to funds made available to institutional investors controlled by, associated with, or related to The United Methodist Church. WII may also provide direct investment advisory services to those investors. WII and UMCBB utilize certain shared personnel, including investment professionals. Unless otherwise noted, the firm referenced herein is defined to include Wespath, UMCBB and WII.