Saftar Sarwar

On investment returns for the first quarter of 2025, we are cautiously optimistic. Our strategies generally have an equity growth bias. We are comfortable with that. We believe, especially in developed markets, selective growth-focused equities will continue to perform well.

In fixed income, we are average to shorter duration in quality bonds which should benefit in the easing rate cycle. In many of our investment strategies, we also hold quality liquid alternative strategies for diversification, risk management, and steady return gains.

We will continue to investment manage with a focus on the long term, taking investment views looking forward in years as opposed to months. At the same time, we are pragmatic. If there is a superior reason to change any investment, we will do so.

For us, it is about trying to identify, and then invest in, the very, very small number of companies that have the potential to be truly globally outstanding.