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For clarity, references to “we,” “us,” and “our” in this document pertain to the authors and/or Zinqular’s Global Macro team, as appropriate to the context, and should not be interpreted as the official position of Zinqular. The opinions expressed are those of the authors as of the date indicated and are subject to change without obligation for notification. Market trend analyses are based on current conditions and do not guarantee future performance. Any reference to a target portfolio or asset allocation is purely theoretical and does not reflect any actual investment strategy. These views may not align with Zinqular’s investment products or advisory approaches.

It should not be assumed that past or future investment decisions by the authors will align with the perspectives outlined here. Furthermore, Zinqular and its affiliates may engage in investment activities, including holding positions or conducting transactions, that differ from the information provided in this document.

This publication contains the personal opinions of its authors at Zinqular Group (together with its affiliates, “Zinqular”) and should not be construed as the official stance of Zinqular or its investment professionals. This document does not constitute research, nor does it provide investment advice, valuation assessments, or recommendations regarding any financial instrument, issuer, security, or sector mentioned. It is not associated with any investment strategy or product offered by Zinqular. Instead, it is provided solely as a conceptual framework to assist investors in conducting their own analysis and forming independent perspectives.

This report has been prepared exclusively for informational purposes and is based on data available as of the date specified. Due to evolving market conditions, the information herein may become outdated. Charts and graphs are included for demonstration purposes only. While this document incorporates data from sources deemed reliable, neither Zinqular nor the authors can ensure its accuracy or completeness. This publication does not constitute investment, legal, tax, or professional advice, nor should it be solely relied upon when making decisions.

There is no guarantee that any investment strategy will yield success. Past market trends do not reliably predict future market behavior or investment performance, which may vary significantly. Target allocations presented here are subject to change, and actual allocations may differ materially. This publication does not constitute a recommendation, nor should it be considered an offer to buy or sell securities or adopt any investment strategy.

This document contains forward-looking statements and projections related to future events, strategies, and market expectations. These statements are based on prevailing market conditions as of the indicated date and are subject to change. There is no guarantee that any stated objectives or outcomes will be realized, and actual results may vary significantly. Any discussion of financial market trends is based on available data and may be superseded by subsequent developments. The cited indices assume dividend reinvestment but exclude fees, expenses, and management oversight, and as such, should not be interpreted as investment recommendations.

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