Tailwinds & Headwinds.
12 months to Q2 2025 Positioning Key asset classes / Regions Key managers
+
(Strategic)
Exposure to emerging markets
equity.
SEI Emerging Markets Equity
Fund
+
(Strategic)
Strong performance from
rewarded value and momentum
exposure.
SEI Select Value, SEI Select
Momentum
Active management
+
(Active)
Strongest contribution came from
positions designed to benefit from
a steeper yield curve in the U.S.
SEI Dynamic Asset Allocation
Fund
SEI
+
(Active)
Strong selection within small
caps.
SEI Global Small Companies
Fund
Views.
Theme Views
Macro/Cross-asset
· Inflation risks remain biased to the upside due to tariffs and stimulus measures.
· Growth data is softening, but we do not foresee a recession in 2025.
· U.S. dollar weakness has room to run but may be oversold in the near-term.
Equity
· Diversity in equity markets remains a focus, particularly among geographies and market
capitalisations.
· Strategic exposures to value, quality, and momentum remain intact, with an emphasis on value.
· Active management should benefit/help investors avoid historically high concentration risk in the U.S.
These are the views and opinions of SEI which are subject to change. They should not be construed as investment advice. 5
