June delivered mixed returns for global equities as market leadership broadened beyond the mega-cap technology sector. Global markets weakened overall as a sharp pullback in large technology stocks offset gains in cyclical and value-oriented areas of the market. Europe outperformed, US small-cap and equal-weight indices advanced, while Asia-Pacific markets lagged. The artificial intelligence trade became more selective, the Federal Reserve left interest rates unchanged, and inflation remained stubbornly elevated. Front-end Treasury yields and the US dollar strengthened, while oil and gold prices declined. In a month characterised by increased volatility, we took the opportunity to reposition portfolios, enhancing diversification and aligning exposures with our evolving market outlook.