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Market Commentary May 2025

Letter 3

April 2025 was a tumultuous month for markets, triggered by Trump’s announcement of reciprocal tariffs that triggered a massive selloff in risk assets.

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July 2025 ushered in renewed optimism across financial markets. Alongside robust US economic data, sentiment was also driven by favourable...

Market Commentary July 2025

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