IN THIS ISSUE

• Macro Strategy — Markets Shaken, Not Stirred: Despite ongoing policy and geopolitical headwinds, the U.S. economy remains supported by rate cuts, strong balance sheets, and Artificial Intelligence investment, though tighter liquidity may drive higher volatility and performance dispersion.
  
  
• Market View — Keep Calm and Carry On: Taking Stock of the Current Market Environment: Despite market uncertainty and geopolitical risks, we remain constructive on Equities, favor broader participation through Small-caps and Emerging Markets, see limited U.S. impact from Middle East tensions, expect Artificial Intelligence to be a net positive, and focus on high‑conviction themes tied to innovation, infrastructure, and defense.
  
  
• Thought of the Week — More Signs of a Manufacturing Upcycle: The manufacturing sector appears to be entering an early upcycle, with improving activity, broader earnings growth, and sustained Small‑cap leadership suggesting a more durable broadening in equity market performance despite ongoing geopolitical risks.