Outlooks

Markets have corrected in recent months, with prior optimism for pro-growth deregulation and tax cuts from the new Trump administration being punctured by a highly aggressive approach to global trade, including tariffs on leading trade partners. This uncertainty has been compounded by several leading central banks moving to pause rate cuts during the quarter, awaiting further economic data regarding the interplay between growth and inflation.

The considerable deviation in sentiment compared to only a quarter ago, provides support to ebi's philosophy of seeking to allocate investments on a long-term basis to the market, rather than attempting to achieve alpha through short-term tactical moves or market timing. We continue to enact this through our index-tracking, buy-and-hold, and factor-driven approach.

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