Issue link: https://info.seic.com/i/1537928
Tailwinds & Headwinds. 12 months to Q2 2025 Positioning Key asset classes / Regions Key managers + (Strategic) Strong performance from rewarded value and momentum exposure. SEI Select Value, SEI Select Momentum + (Strategic) Diversification within fixed income. SEI High Yield Fixed Income, SEI Emerging Market Debt - (Strategic) UK inflation linked bonds exposure. SEI UK Index Linked Fixed Interest Fund 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) Benefitted from targeted value factor positioning, a moderate overweight in consumer discretionary—mostly in China— and an underweight in materials by avoiding miners and large oil companies. SEI Emerging Markets Equity Fund SEI, Robeco, JO Hambro + (Active) Exposure to value and momentum factors, with value particularly strong outside the U.S. and momentum delivering gains globally. SEI Small Cap Select Fund SEI 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. 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