Updated

A fund commentary identified Advanced Micro Devices (AMD) as the largest relative detractor from portfolio performance, noting the fund's lack of exposure to the chipmaker's stock gains. The disclosure reflects ongoing scrutiny of active managers' positioning relative to high-flying semiconductor names. The report did not disclose specific performance figures or the fund's rationale for avoiding AMD, but it underscores the pressure on active managers from missed exposure to AI-related chip stocks this year.