Quarterly Investment Letter Q4 2025

Review - New Highs in World Equity Markets and Dollar weakness

For the third consecutive year, above-average returns were seen in all major equity markets. The year started cautiously in the first quarter, and we still remember the "Liberation Day" selloff in April, which caused a massive spike in market volatility not seen for years. However, equity markets turned around once it became clear that U.S. tariffs would be less dramatic than initially announced. Corporate profits remained strong throughout the year, boosted not only by excellent results in big tech but also in other sectors.

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