Infuse Asset Management: Charting a Course Through Dynamic Markets – Q3 2025 Review

Dear Valued Clients and Partners,

As we conclude the third quarter of 2025, we reflect on a period characterized by persistent, yet evolving, market dynamics. Q3 presented investors with a complex tapestry of inflationary concerns, nuanced central bank rhetoric, and sector-specific shifts that demanded both vigilance and strategic agility.

At Infuse Asset Management, our commitment remains steadfast: to navigate these intricate landscapes with foresight, discipline, and a deep understanding of the underlying economic currents.

Globally, Q3 2025 witnessed a continued battle against inflation, albeit with varied success across major economies.

While some regions showed encouraging signs of cooling price pressures, others grappled with stubbornly high core inflation, prompting central banks to maintain a cautious 'higher for longer' stance on interest rates. This divergence created distinct opportunities and challenges, influencing currency movements and the attractiveness of different asset classes.

Equity markets, while showing resilience in aggregate, experienced notable rotation, favoring sectors with strong earnings growth and robust balance sheets, particularly in technology and certain pockets of healthcare innovation.

Our portfolios demonstrated robust performance throughout the quarter, a testament to our diversified approach and rigorous fundamental analysis.

Our strategic overweight positions in resilient growth sectors, coupled with carefully selected fixed-income exposures designed to mitigate interest rate volatility, proved instrumental. We observed strong contributions from our holdings in renewable energy infrastructure, driven by continued global investment in sustainability, and a selective allocation to emerging market equities where favorable demographic trends and policy shifts are creating long-term value.

Looking ahead to Q4 2025 and beyond, we anticipate continued economic differentiation and potential for further market volatility.

Geopolitical developments, supply chain adjustments, and evolving consumer behavior will likely play significant roles. We are closely monitoring key indicators such as labor market strength, corporate earnings revisions, and the trajectory of global trade. Our investment committee has identified several themes for the coming quarters, including the increasing role of artificial intelligence in driving productivity, the ongoing energy transition, and the re-shoring of critical supply chains, all of which present compelling investment avenues.

At Infuse Asset Management, we believe that informed decision-making, coupled with a long-term perspective, is paramount.

We remain committed to proactive risk management and to identifying opportunities that align with our clients' financial objectives. We appreciate your continued trust and partnership, and we look forward to discussing these insights further with you.

Sincerely,

The Infuse Asset Management Team