Quarterly Investment Letter Q3 2025

Review - Smooth road into new High

The past three months were marked by an unusually subdued level of vola-tility across financial markets, coupled with a steady and uninterrupted ad-vance in U.S. equities. The S&P 500 gained a further 7%, while the Nasdaq Composite surged by almost 11%, with both indices not only extending their year-to-date rallies but also reaching fresh all-time highs - a testament to the resilience of investor sentiment despite lingering macroeconomic and geopolitical uncertainties.

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