HealthTech leading thematic performance

Our multi-asset investment portfolio was up 5.6% over Q3’25 that brings total for 2025YTD to 23.2% YTD. YTD we were still ahead of even the most aggressive multi-asset portfolios with 80% equity allocation.

There are several reasons for this outperformance YTD – our European overweight including currencies, our commodities allocation, and excellent instrument selection. Even though USD has strengthened slightly against European currencies over Q3’25, reversing its decline in 1H’2025.

Our commodities allocation remains the standout performer, up another 19.3% for Q3’25 for the total of 50% YTD. Within that Ethereum, Uranium and Gold had double digits return in Q3’25, brining total YTD to near 50% each.

Our equities allocation was up another 6.3% in Q3, below the MSCI global equities benchmark return of 7.2%; for the total of 24.9% YTD, better than the 18% return of the benchmark. Within equities we outperformed in the US, were in-line in Europe and underperformed in emerging markets.

Our bonds allocation was down 0.7%, below international aggregate bonds benchmark 0.3%, but still up 11.7% YTD, much better than the 2.6% for the benchmark. In bonds we underperformed in Q3 but still ahead of our benchmarks in the US and Europe YTD.

Our themes returned on average 6.9% in Q3’2025, for the total of 25.7% YTD, which is over 2x better than peers. HeathTech was our best performing theme in Q3 +13.9%. Now this previously underperforming theme, looks much better up 20.6% YTD.

Our multi-asset Inflation Buster theme is up 11.8% in Q3, for the total 34.9% YTD. Interestingly this theme continues to perform well despite strengthening dollar, which is a reversal to the previous two quarters.

Security and Safety returned 10.5% in Q3, for the incredible 46.6% YTD, which is over 4x better than peers. AI, Quantum and Data returned 10.2% in Q3, 37.9% YTD, which is over 2x better than peers.

Latest composition of our portfolios by sub-themes is shown below:

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