Executive summary:

• As the Iran War triggered a broad sell-off, Syfe portfolios held steady or outperformed their benchmarks
• Diversification was a strength for our Core portfolios, with our broad positioning beyond megacaps reinforcing resilience
• Both Income+ and REIT+ held up well against the backdrop of the equity sell-off. Both now offer attractive yields and compelling entry points for the recovery
• Markets are set to return to fundamentals, and the theme of “dispersion” will likely continue, setting the stage for a more selective approach championed by our newest portfolio: Equity Alpha

Market Review

The first quarter was dominated by the war in Iran. A historic energy shock sent…