The 3Q25 Investor Note - titled Numb and Number - explores the echoes of the 1999 tech bubble in today's AI frenzy, detailing both the familiar script and the crucial differences in capital structure that make this cycle unique. From a Mash Global Multi-Asset portfolio positioning perspective, we're leaning into Real Assets, Digital and Healthcare. Read more, listen to an AI-generated audio overview, and review our factsheet.

We delivered an outperformance of +3.5% during 4Q24. As we enter CY25, prudent risk control will matter more than in the recent past.

Elevated uncertainty in the near-term. A tactical hedge, some new names in our Mash portfolio.

How are we navigating through Nvidia's playground? Read the 2Q24 note for more.

We provide colour on our relative and absolute performance during 2023, with shades of why we were thinking what we were thinking.

An economic season transition is unfolding in plain sight. Yet many investors are likely in denial. Moderate for more remains our mantra.

Invert, always invert. Pricing, not timing matters. And 'moderate for more' continues to remain the mantra for the foreseeable near term.

Balance is vital, now more so than ever. Moderate for more is the mantra for the foreseeable near term.

Mash believes Global Alternative Assets should be part of your Core investment portfolio. Read more.

Valuation matters. US and World ex-US. TAM and EV/Sales. SPACulation! And more. Read on.