Issue link: https://info.seic.com/i/1534862
Tailwinds & Headwinds. 12 months to Q1 2025 Positioning Key asset classes / Regions Key Managers + (Strategic) Fixed Income exposure · Global Fixed Income · Insight, Wellington, Colchester, Brandywine + (Strategic) Managed volatility equity exposure · Global Managed Volatility · SEI, LSV, Acadian - (Strategic) Inflation linked bonds exposure · UK Inflation-Linked Bonds Active Management + (Active) There has been good security selection and an overweight to lower rated bonds that took profit during the year. · High Yield J.P. Morgan, Brigade Capital + (Active) We are overweight securitised bonds, and underweight government related bonds. Over the year we have been taking profits within the financial sector, mainly in banking. · UK Core Fixed Income · SEI Views. Theme Views Macro/Cross-asset · Inflation risks remain biased to the upside on protectionist policies and fiscal stimulus. · Growth data is softening, but we do not foresee a recession in 2025. ·We believe commodities remain an attractive inflation hedge. · Our view on risk assets is broadly neutral. Equity · Diversity in equity markets remains a focus, particularly among geographies and market capitalisations. · Strategic holdings in value, quality, and momentum remain intact; emphasis on value. · Active management should benefit as concentration subsides and volatility remains elevated. Fixed income · We remain defensively positioned in credit, favouring securitised versus corporate debt. These are the views and opinions of SEI which are subject to change. They should not be construed as investment advice. 5