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The road to 2025 is like a mountain hike: fog clouds the view, stony paths and steep climbs await us. But our goal is clear - the best possible returns with manageable risk. With flexible management and a clear strategy, we are aiming for the summit, where sunshine and a fantastic view await us.

When making investments, ETHENEA seeks dialog with the management of the companies in which it invests. We use our voting rights at general meetings as an additional means of communication.

How are tariffs, interest rate policy and market developments affecting your investment strategy? The US offers growth opportunities, but Europe faces major challenges.

The U.S. economy currently remains the most important growth engine. However, whether U.S. consumers will soon receive support depends on a number of factors. In Europe, the economy is running at a much slower pace. Central banks are trying to combat this by cutting interest rates.

Services remain the driving force behind US economic performance. While economic activity is losing momentum, it does still remain intact. There are much greater challenges facing Europe and China, and both regions would benefit from additional stimuli.