EWA Stock Market and Portfolio Commentary Q2 2025

1. Portfolio Adjustments:

• Equity overweight was slightly trimmed from 4% to 3% as a measured response to increased market volatility, while still maintaining a growth-oriented tilt.
• Reinforced exposure to U.S. equities and kept strong allocations to mega-cap tech leaders, reflecting continued strength in innovation-driven earnings.
• Gold allocation was increased by 1% as a hedge against rising geopolitical tensions and uncertainty around global trade.

2. Economic Indicators:

• The economic backdrop remains favorable—consumer spending is steady, unemployment remains low, and corporate earnings are healthy.
• While geopolitical risks and headline-driven volatility have picked up, they haven’t yet disrupted the underlying strength of the U.S. economy.
• Market conditions continue to support a risk-on posture, but the team remains selective and disciplined in positioning.

3. Strategic Focus:

• Staying attentive to potential policy changes following the 2024 U.S. presidential election, especially around tariffs and trade policy, which could impact market direction in the second half of the year.
• The long-term strategy remains unchanged: stay invested, avoid overreacting to short-term noise, and follow a disciplined financial plan.