Issue link: https://info.seic.com/i/1540523
Tailwinds & Headwinds. 12 months to Q3 2025 Positioning Key asset classes / Regions Key Managers + (Strategic) Exposure to global corporate and government bonds. SEI Global Opportunistic, SEI Global Fixed Income, SEI Global Short Term Bond Fund, SEI Global Short Duration Bond Fund + (Strategic) Strong security selection in defensive stocks has proven beneficial during periods of market volatility. SEI Global Managed Volatility Fund - (Strategic) UK inflation-linked bonds – real yields rose across the curve in Q3, driven mainly by nominal rates. SEI UK Index Linked Fixed Interest Fund Active Management + (Active) Overweight high yielding hard currency debt and overweight local currency interest rate risk. SEI Emerging Market Debt GMO, Colchester Views. Theme Views Macro/Cross-asset · Inflation risks remain biased to the upside. Service prices are showing surprising strength, and tariffs are still making their way through the system. · U.S. growth data points are surprising to the upside. While employment has been severely downgraded, there is still no global recession in sight. · Neutral risk assets. Equity · Diversity in equities remains - particularly among geographies, market capitalisations, and themes. · 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 positioned for a continued steepening in U.S. and European yield curves. · Duration positioning remains broadly neutral. · We continue to favour 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