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Market Commentary May 2024

Letter 3

After a relatively stable Q1, which saw equities climb on the back of the economy’s resilience, April saw fresh bouts of volatility.

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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.