Global Outperformers

Farmer Mac 🇺🇸 and Metlen 🇬🇷 Earlier this year, at one point, we were down almost 25% YTD on our U.S. GSE shares, which reminded me of the importance of focusing on long-term fundamentals. Last night, Farmer Mac published what I believe were quite good earnings results for Q1 2026, growing revenues by 13% and its net income by 18%. Volumes and their infrastructure loan portfolio remain in line with my own estimates, with satisfactory risk indicators. As I discussed during our Q1 2026 investor call last week, we took advantage of the valuation drop and remain invested in Farmer Mac for the long-term. Management also initiated their biggest repurchase of shares in almost 20 years during the quarter, similarly taking advantage of the share price decline. I also believe Metlen is in a similar position to Farmer Mac, where a short-term hiccup is weighing on its valuation, while the long-term opportunity remains favourable. More on this after its AGM later this month.