2Q 2025 Quarterly Letter

Despite early volatility in April, equity markets rebounded on delayed tariffs and renewed optimism around U.S. trade talks. Stable economic indicators, modest job growth, and muted inflation supported investor sentiment, while markets were buoyed by the anticipated passage of President Trump’s tax legislation. Read our full 2Q letter for our investment team's insights into the key drivers behind recent market movements and what they could mean for the second half of the year.