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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended September 30, 2025 <br />Multi-Asset Class Management <br />INTERNATIONAL EQUITY <br />• Markets outside of the United States, as measured by the MSCI ACWI ex-U.S. <br />Index, cooled somewhat in the third quarter returning 6.9%, just over half of the <br />previous quarter’s strong returns. <br />• 10 of the 11 sectors posted positive returns for the quarter. The top performing <br />sectors were Materials (15.1%), Information Technology (11.0%) and Consumer <br />Discretionary (10.8%). The worst performers for the quarter were Healthcare <br />(1.9%), Utilities (1.8%), and Consumer Staples (-0.6%). <br />• Developed ex-U.S. Markets, as represented by the MSCI EAFE Index, <br />underperformed emerging markets (EM), as represented by the MSCI Emerging <br />Market Index, returning 4.8% versus 10.6% for the quarter. Returns from all <br />international indices are in U.S. Dollars (USD) and were positively impacted by the <br />continued softness of the U.S. dollar. <br />• Of the five largest-weighted countries in the MSCI EAFE Index, the MSCI Japan <br />(8.0%) and MSCI United Kingdom (5.9%) indices outperformed the overall <br />EAFE index. The MSCI France (3.2%) and MSCI Switzerland (1.4%) indices <br />underperformed while the MSCI Germany Index (-1.1%) was the only of the top five <br />that saw negative returns. <br />• Of the five largest-weighted countries in EM, MSCI China (20.7%), MSCI Taiwan <br />(14.3%), and MSCI Korea (12.8%) outperformed the MSCI Emerging Markets <br />index, while MSCI Brazil (8.3%) and MSCI India (-7.6%) underperformed. <br />Taiwan and Korea continued their streak of double-digit returns supported by <br />semiconductor names positively impacted by the AI theme. <br />• Value stocks outperformed growth stocks for the quarter as represented by the <br />broad benchmarks. The MSCI AC World ex-USA Growth Index returned 5.7%, <br />while the MSCI AC World ex-USA Value Index returned 8.1%. Within EM, growth <br />outperformed value, returning 12.0% versus 7.9%. Small caps, as represented by <br />the MSCI ACWI ex-U.S. Small Cap Index posted a return of 6.7%. <br />• Non-U.S. equity valuations rose over the third quarter. Both sit slightly above long- <br />term averages. As of quarter-end, the MSCI EAFE’s Adjusted Positive Forward P/E <br />stood at 17.3 versus a 5-year average of 15.7. MSCI EM ended the quarter with an <br />Adjusted Positive Forward P/E ratio of 15.2, above its 5-year average of 13.2. <br />Source: Bloomberg. <br />MSCI ACWI ex-U.S. Sectors <br />Periods Ended September 30, 2025 <br />Source: Bloomberg. <br />*P/E ratios are calculated based on one-year forward estimates and adjusted to include only posi- <br />tive earnings results for consistency. <br />P/E Ratios of MSCI Equity Indices* <br />Consumer <br />Disc. <br />Consumer <br />Staples Energy Financials Healthcare Industrials Info Tech Materials Real <br />Estate Telecom Utilities <br />QTD 10.80% -0.60%5.43% 6.14% 1.87% 4.94%10.97% 15.14%3.47%10.15%1.77% <br />YTD 18.49% 13.78% 16.98% 33.49%8.11%30.51% 26.60% 33.09% 18.67% 41.25% 26.53% <br />1 Year 8.88%-0.31%7.70%29.71% -6.88% 21.26% 24.39% 10.21%4.97%31.66% 10.28% <br />-10% <br />0% <br />10% <br />20% <br />30% <br />40% <br />50% <br />8 <br />13 <br />18 <br />23 <br />28 <br />Oct-20 Oct-21 Oct-22 Oct-23 Oct-24 <br />MSCI EAFE MSCI EAFE 5-Year Average <br />MSCI Emerging Markets MSCI Emerging Markets 5-Year Average <br />2.5 <br />Exhibit A <br />Resolution No. 2025-166 Page 8