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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"US economy remained resilient with 2.8% GDP growth, while Fed paused rate cuts. Technology sector faced volatility from Chinese AI competition."
Global equities rose 3.3% in January 2025 as markets grappled with the Trump administration's protectionist policies and territorial ambitions, which strengthened the US dollar while increasing economic uncertainty around trade-related inflation. Central banks diverged significantly, with the Fed holding rates unchanged after three consecutive cuts, the ECB delivering its fourth consecutive 25 basis points cut, and the Bank of Japan raising rates to 0.5%. The US economy showed resilience with GDP growing 2.8% in 2024 and robust consumer spending, though manufacturing recovery faces headwinds from potential tariff impacts. Technology sector volatility emerged as Chinese start-up DeepSeek's competitive AI models questioned US tech monetization structures, despite announced multi-hundred-billion-dollar Stargate AI investment. Commodities gained 3.3% with energy rising on Russian sanctions and weather disruptions, while precious metals surged as safe-haven demand increased. European markets outperformed despite economic stagnation, while emerging markets showed mixed results with Latin America leading gains.
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