• In the final quarter of 2025, we saw continued stability in capital markets with a clear signal: an investment approach based on value, discipline, and reasonable risk continues to pay dividends. Despite a choppy environment with higher volatility, markets maintained a solid structure—an environment that suits our model, which focuses on high-quality underlying assets with long-term growth prospects.

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• Structural themes such as technology, infrastructure, and healthcare continue to grow in importance, while traditional segments face general pressure. These dynamics have confirmed our strategy of selective selection and geographic diversification — an approach that has allowed us to reduce risk and take advantage of growth opportunities outside the mainstream.

 

• Until the end of the year, we recommend that investors maintain their exposure to equities, but with an emphasis on selecting the best opportunities, opt for a more cautious approach in bond portfolios, and not forget about alternative assets as part of portfolio protection. A portfolio prepared in this way will allow you to take advantage of the opportunities offered by the current market environment — while protecting the value of your capital in times of uncertainty.