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The outlook for ‘25 is cloudy, with uncertainty seemingly the only certainty for the year ahead. Globally, interest rates, inflation and growth are central to valuations and asset allocation, while geopolitical tensions persist – exacerbated by trade policy uncertainty in a notably shifted political realm. The extent of these risks is idiosyncratic to each investment jurisdiction, with the global economy becoming increasingly segregated, and ultimately being exposed to the risk in varying degrees. Locally, we remain generally positive for Namibian assets. But the policy environment in Namibia is uncertain because of the change in government administration. In the face of diverging expectations, as in ’24, we maintain a focus on macroeconomic fundaments and equity valuations to guide our strategy.