Q1

Global Equity Market Review And Outlook

Global equities continued their momentum in the fourth quarter (“4Q”) of 2025, building on the resilience seen earlier in the year. The Morgan Stanley Capital International (“MSCI”) All Country World Index advanced 3.36% over the quarter to date, with strong contributions from Asia. United States (“US”) equities gained 2.61%, while the markets of Korea (+26.78%), Taiwan (+10.47%), Malaysia (+8.11%), Indonesia (+5.32%) and Thailand (5.08%) all gained in 4Q 2025. Most notably, China (-7.34%) underperformed for the quarter.