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Market Commentary April 2025

Letter 3

The global macroeconomic landscape has transformed dramatically since the start of 2025, driven largely by US tariffs and a more aggressive stance towards key trading partners, including historic allies.

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Market Commentary December 2025

November unfolded in two distinct halves: risk assets first experiencing a selloff, before staging a strong rebound toward months-end.

Market Commentary November 2025

Markets ended October higher overall, but not without a few twists along the way.