Unlike earlier AI rallies led by megacaps and strong earnings growth, some smaller technology stocks rose 200% to 300%, making the advance more fragile. The Fund continues to focus on financially strong companies with durable earnings growth that can perform across different economic conditions. On July 24, 2026, Broadcom Inc. (NASDAQ:AVGO) closed at $381.92 per share. During the quarter, Broadcom benefited from an increase in earnings estimates due to winning more large clients for its products." While we acknowledge the potential of Broadcom Inc. (NASDAQ:AVGO) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk.