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We also benefited from significant fair value appreciation and the value of our External InvestmentManager due to a combination of the continued increase in fee income, growth in assets under management, and broader market-based drivers.
“Despite significant declines in global equity and fixed income markets during our fiscal year, our investment portfolio remained resilient, delivering stable returns while outperforming major indexes.” The positive fiscal-year results reflect returns on investments in infrastructure and certain U.S.
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