Investor Note – December 2025

As the year draws to a close, we take a moment to reflect on a dynamic twelve months in the markets. Despite continued global uncertainty and shifting economic indicators, investors have navigated both challenges and opportunities with discipline and adaptability.

Equity markets showed signs of resilience in the final quarter, supported by moderating inflation trends and cautious optimism around global interest rate cycles. Fixed income regained stability as yields adjusted, while alternative assets continued to attract attention for diversification.

Looking ahead to 2026, the key themes remain centered on sustainable growth, technological innovation, and prudent risk management. Diversification across sectors and geographies remains essential, as volatility may persist in response to monetary policy changes and macroeconomic developments.

We thank all our investors for their trust and partnership throughout the year. As we enter the new year, staying informed, disciplined, and long-term oriented will continue to be the foundation for success.

Wishing you a prosperous and balanced start to 2026.

— The Investment Team