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Market Commentary June 2025

Letter 3

The US and China agreed to a temporary 90-day trade truce, easing fears of an escalating tariff war. This fueled investor confidence alongside the TACO (‘Trump Always Chickens Out’) trade, driving equities higher.

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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.