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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 At a Glance ​ 2025 Highlights 2025 rewarded discipline. Markets endured periods of sharp volatility and rapidly shifting...

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.