Executive Summary 

• Tariff-driven policy uncertainty triggered rapid regime shifts in Q1-Q2, prompting multi-PM platforms to cut gross and tighten factor exposures

• In healthcare, capex headwinds and the regulatory overhang have weighed on the sector, but created attractive entry points in select stocks & themes

• Convertible issuance has re-accelerated and liquidity is structurally higher as the participants mix has shifted toward hedge funds/pod shops

• Macro and policy-driven market swings - such as tariff announcements, fiscal policy changes, and geopolitical escalations - remain central sources of short term dislocations and trading opportunities

• Quarterly investor-level redemption gates, once primarily associated with credit-intensive hedge fund strategies, are increasingly being introduced by liquid equity-focused funds