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‘25 has proven to be a tumultuous year so far, from a shuffling deck of global trade agreements, conflict in the Middle East, and notable (although immediately intangible) shifts in Namibia’s political and fiscal arena. As we noted in our initial Investment Strategy, the only guarantee has been uncertainty, and going into 2H ‘25, uncertainty abounds. In the face of widening global uncertainty, stemming from Trump’s erratic tariff policies, global markets experienced widespread volatility. Nonetheless, markets have shown resilience – regaining much of the initial losses triggered by ‘Liberation Day’. Sustained monetary policy easing and fiscal stimulus in the US and Eurozone have supported initial growth prospects; however, the numerous catalysts for uncertainty and sustained volatility could prove to counter a fairly optimistic springboard for performance.