Issue link: https://info.seic.com/i/1543189
Tailwinds & headwinds. 12 months to Q4 2025 Positioning Key asset classes / Regions Key managers + (Strategic) Exposure to commodities supported diversification. Threadneedle Enhanced Commodity Fund + (Strategic) Exposure to liquid alternatives provided diversification and drawdown mitigation alongside equities & fixed income. Liquid Alternatives Fund Active management + (Active) Emerging Markets Debt positioning (overweight high-yield hard currency / selective local duration) added value in 2025. SEI Emerging Markets Debt Fund Summary views Theme Views Macro/Cross-asset · Our inflation bias remains above market consensus although tariff legality and election posturing may widen the range of potential outcomes. · No recession in sight. The global economy remains resilient and will benefit from additional stimulus in 2026. · We remain positive on risk assets in 2026. Equity · Earnings have been strong and broadening by sector and geography. · Underweight mega-cap tech in the U.S. on concentration concerns. Active management and positive exposures to global value, quality, and momentum factors remain our preferred approach. · EM equities are particularly interesting this year given the reflation dynamic of stimulus on top of positive economic growth. Fixed income · We remain positioned for a continued steepening in U.S. and European yield curves. · Duration positioning remains broadly neutral. These are the views and opinions of SEI which are subject to change. They should not be construed as investment advice. 5