The coming days revolve around a single unresolved question: how long will the partial shutdown of the US government continue, and how much damage will it do? Official statistics are already being delayed, leaving markets dependent on private surveys and incomplete signals. One major jobs indicator has hinted at weakening momentum, fuelling speculation that the central bank could cut rates sooner if conditions deteriorate further. Equity markets, however, appear strangely relaxed, with key indices recently touching record highs. Our portfolio remains skewed toward Europe, where data is more readily available and policy signals clearer. A newly added industrial name is preparing a move to a more prominent stock exchange listing, while another holding in the renewable energy space continues to strengthen its fundamentals despite a flat share price. In both cases, time may be the most important catalyst.