Global Macro managers were maintaining a cautiously optimistic outlook on risk assets, although they recognized that valuations are high. They also believed that the ongoing technological innovation (AI) will significantly impact asset prices, hence generating trading opportunities.

Commodity managers were quite upbeat on both base metals (especially copper) and precious metals. The outlook on crude oil was more muted, as the market faces an oversupply situation alongside ongoing geopolitical risks.

We noted that many systematic, market neutral digital asset funds continued to generate alpha and positive returns, even amidst the recent historical sell-offs in the digital asset space.