Global markets are adjusting to a changing environment shaped by geopolitical conflict, higher energy costs, and tightening credit conditions. Credit spreads widened during the first quarter as well. Both factors helped contribute to some downward pressure on our WCA Barometer and a modest reduction in equity exposure in tactical portfolios. These developments are occurring against a broader backdrop of transition away from the zero-interest-rate world toward a higher cost-of-capital environment. Our tactical positioning is updated as market leadership shifts, risks change, and as tactical discipline becomes more important. We continue to emphasize diversification, flexibility, and disciplined portfolio positioning as conditions evolve.