Laurentius van den Worm

We have not made any changes to our portfolios this quarter. While the past few months were marked by heightened market volatility, largely driven by renewed geopolitical tensions and tariff-related headlines, our core position remains unchanged. We continue to believe that global markets are efficiently pricing in new information and allocating capital effectively. Following a sharp pullback during the first two weeks of the quarter, markets rebounded strongly, underscoring the resilience of the underlying economic fundamentals. Our portfolios remain globally diversified, low-cost, and strategically positioned to benefit from long-term market growth. We maintain our conviction in a disciplined, evidence-based investment approach and see no reason to deviate from our current positioning.

‍

‍