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Market Commentary August 2025

Letter 3

July 2025 ushered in renewed optimism across financial markets. Alongside robust US economic data, sentiment was also driven by favourable US trade deals with key partners like Japan, the EU, and South Korea.

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Executive Summary Market review: Higher price & volatility​​ Markets ended October higher overall, but not without a few twists along...

Market Commentary October 2025

Q3 2025 saw positive returns across most major asset classes, with equities and precious metals leading gains.

Market Commentary July 2025

Q2 2025 saw strong rallies across most asset classes, apart from the US dollar and oil.