The Portfolio returned -4.62% ((gross)) and the S&P 500® Index returned -4.33% for the first quarter of 2026. Vertiv is an essential supplier of cooling, power management, and rack systems to AI data centers, with its orders backlog more than doubling on a year-over-year basis. NVIDIA announced that it would invest $2 billion in Lumentum to secure future capacity, further highlighting Lumentum's growing market power as a key provider of mission-critical components.