A change at the helm reduces conviction. In May 2025, the strategy experienced its second change in lead portfolio management since 2021. When combined with the new lead manager’s relatively limited experience in global equities, workload considerations, and recent turnover among supporting analysts, these factors support maintaining the People Pillar rating at Average. While the key features of this long-standing strategy remain unchanged, the leadership transition warrants caution around execution, leading to a downgrade of the Process Pillar rating to Average from Above Average.