Why management teams matter, energy companies rarely meet our investment criteria, and JPMorgan and State Street differ from many regional banks.

Highlights

• Potential implications of the recent advancements in generative AI
• U.S. regional banking challenges and our exposure
• Why we don't currently own any energy sector companies in the portfolio
• A look at two holdings—one "old" and one new—Verisk and BorgWarner
• Our observations on broader earnings results