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Market Commentary March 2024

Letter 3

Rather than just looking at February’s performance, an analysis of returns since end-2023 provides a glimpse of what to expect after the era of cheap money.

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

Market Commentary June 2025

The US and China agreed to a temporary 90-day trade truce, easing fears of an escalating tariff war. This fueled...