Ave Maria World Equity Fund Q1 2025 Commentary

Summary

• For the three months ended March 31, 2025, the total return on the Ave Maria World Equity Fund was -3.05%, compared to the MSCI All Country World Index at -1.32%.
• Large global markets outperformed the US market in US dollar terms during the first quarter of 2025.
• StoneCo Ltd. provides solutions that enable merchants and integrated partners to conduct electronic commerce seamlessly across in-store, online, and mobile channels in Brazil.

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For the three months ended March 31, 2025, the total return on the Ave Maria World Equity Fund (MUTF:AVEWX) was -3.05%, compared to the MSCI All Country World Index at -1.32%. The returns for the Ave Maria World Equity Fund compared