Abstract
- The primary quarter of 2025 noticed an increase in volatility as markets modify to abrupt coverage adjustments within the US.
- Inventory choice in Japan added worth within the Fund, whereas inventory choice in Europe and publicity in Canada dragged the efficiency for the quarter.
- For the 12 months, the Fund noticed poor efficiency in some areas, notably Canada, offset modest optimistic efficiency in different areas.
Galeanu Mihai
Efficiency elements
The primary quarter of 2025 noticed an increase in volatility as markets modify to abrupt coverage adjustments within the US. Whereas pushed by occasions within the US, the results have been felt worldwide throughout almost all property and

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