China Reopening

China could outperform the US as it reverts to the historical average relative level.

Opportunity to engage in the China Connect conference!

We are delighted to be participating at the China Connect conference in Zurich on October 2, 2025.

The Nasdaq100 Index is currently expensive on a Free Cash Flow basis (only 2.68% while Fed Fund rates are at 5.25%).

The risk/reward in US Small caps is not compelling at this level

Positive caralysts

1. Valuation remains cheap despite recent recovery

2. Investors have been significantly underweight China

A global recession will likely push the yoy change in commodity prices into negative territory as we enter 2023.

For the first time since 2011, The yield in Euro IG has now topped the Stoxx 600 dividend yield.

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