At first glance, year-to-date market returns may suggest that 2025 presented a calm and steady investing environment. However, beneath the surface, investors have had to navigate rising geopolitical tensions, economic uncertainty, and highly erratic sentiment shifts.

In this Mid-Year Multi-Asset Class Report, Perpetua’s portfolio managers explain what we believe has really been driving markets. We highlight key risks, explore possible shifts in the global economic landscape, and share our approach to managing portfolios thoughtfully through volatility – while staying ready to seize opportunities.

We hope you find this commentary helpful in cutting through the noise.

Enjoy the read!