Its Sunday 6^th April and I fear that by the time you read this it may be out of date. Q1 numbers, may surprise you to the positive, i.e., better than you may have expected however the first week of April has made them slightly redundant.

Although 2024 was a very difficult year for us all, market performance in 2024 was excellent. Pioneer welcomed many new clients and we are very proud of the results we achieved in a complex global and local environment. Our strategy and portfolio positioning could hardly have been better. Discipline under stress paid off well.

Boring is good; we like boring as it makes our jobs easier. This last quarter was not that. Between mid-July and mid-August, the S&P 500 fell just shy of 9%, led by Nvidia, as signs of the Artificial Intelligence (AI) boom seemed to start to unravel. Nvidia stock went from $135 on July 16th to $98 on August 5th.