Sharpened portfolio focus amid continued market volatility

Q1 2025 was characterized by elevated volatility across global financial markets, driven by increasing political uncertainty and evolving trade policies. Tariffs reintroduced by the Trump administration weighed on US consumer sentiment and contributed to a rise in inflation expectations, prompting growing concerns about a potential stagflationary environment. Against this turbulent macroeconomic backdrop, the biotech sector faced a particularly challenging quarter. Healthcare policy uncertainties, coupled with sustained market volatility, continued to weigh heavily on the industry, testing the resilience of both companies and investors alike.