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Market Commentary July 2023

Letter 3

In June, global equities experienced a notable increase of 5.84%, whereas global bonds remained relatively stable at minus 0.01%. The S&P 500 and Nasdaq took the spotlight as mega-cap tech stocks like Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla (collectively known as the Magnificent 7) rallied, driving the market upward.

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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.