Issue link: https://info.seic.com/i/1537931
Tailwinds & Headwinds. 12 months to Q2 2025 Positioning Key asset classes / Regions Key Managers + (Strategic) Global corporate and government bonds. SEI Global Opportunistic Fixed Income, SEI Global Fixed Income, SEI Global Short Term Bond · Insight, Wellington, Colchester, Brandywine + (Strategic) High yield bonds. SEI High Yield Fixed Income Fund · SEI, LSV, Acadian + (Strategic) Exposure to defensive stocks has proven beneficial during periods of market volatility. SEI Global Managed Volatility - (Strategic) UK inflation linked bonds. SEI UK Index Linked Fixed Interest Fund Active Management + (Active) Underweight to Japan interest rates and overweight to select emerging market bonds as well as several foreign currencies over the U.S dollar. SEI Global Fixed Income Insight, Colchester, Brandywine + (Active) Overweight higher-yielding debt issued in developed market currencies, and overweight interest rate exposure in emerging markets currencies. SEI Emerging Market Debt GMO, Colchester 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