The first half of 2025 was riddled with market volatility given trade pressures and geopolitical tensions. Q2 saw Liberation Day and the Big Beautiful Bill and everything in between. In this note, we outline interesting trends in the market heading into the second half of the year and how we are positioning ourselves moving forward.

As we head into the third quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.

Ongoing uncertainty has sparked volatility across interest rates and risk assets; however, the current state of valuations continues to create mispricing and opportunities for active managers to exploit. In this newsletter, we discuss the market dynamics shaping European credit and share examples of how we have capitalized on those opportunities within our portfolios.