The earnings season is drawing to a close, and markets are once again shifting their focus towards macroeconomic developments, geopolitics and the outlook for the months ahead. Beneath the surface, volatility remains present, yet we continue to navigate this environment with discipline and conviction. In recent weeks we have taken profits on a strong performer and added a new opportunity to the portfolio following a period of turbulence. As always, we remain focused on cash flow, margins and long-term value creation, while keeping a close eye on geopolitical tensions and global trade developments that could influence sentiment in the short term.