Investing in Pharma and the Game Changing Impact of AI

The investment landscape in 2025 is marked by geopolitical shifts, higher interest rates, and market volatility. Amid historically elevated equity valuations, we prioritize protecting and growing capital through dynamic asset allocation, selective security choices, and strategies like diversification and options. Our disciplined approach has proven resilient, with early European equity exposure driving strong returns despite volatility. By targeting high-quality businesses in technology and energy, we balanced risk and opportunity. As markets rebounded, we trimmed positions and explored new avenues for sustainable growth.