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Innovation Insights from Silicon Valley - day 5 Storm Uru During times of extreme market volatility, we are focused on company fundamentals. Reflecting on our trip across the US this past week meeting with 30 management teams, the mood music is very different to market movements over the same time period. We are focused on dislocations where company fundamentals are actually strengthening, despite share prices moving in the opposite direction. Soundhound is a case in point - a leader in voice AI who has now reached escape velocity. Automakers, restaurants and financial institutions are turning to Soundhound to integrate voice AI into their capabilities because they have solved a problem that incumbents like Alexa and Siri have failed to crack. The result? 100% revenue growth last quarter. We expect this to accelerate as Soundhound moves into new verticals. The company epitomises a new cohort threatening incumbents across all end markets with superior innovation - the winners of the next decade will be different from the last. Not investment advice, capital at risk.

Innovation Insights from Silicon Valley – Day 4 Clare Pleydell-Bouverie, CFA Data storage has emerged as a disruptive frontier this past year, and Silicon Valley is home to some of our leading global innovators like Pure Storage. As a trailblazer in all‐flash storage, Pure Storage is reshaping data infrastructure. Its technology delivers sub‐millisecond latency while cutting costs by up to 60% over six years. With its Evergreen model of seamless, software‐driven upgrades, the company is uniquely positioned to capitalise on the AI revolution and challenge legacy giants such as Dell and HPE. Not investment advice, capital at risk.

Innovation Insights from New York - day 3 Storm Uru The fast-food industry is ripe for disruption, both from a menu and business model perspective. Sweetgreen is doing both, offering consumers a unique farm-to-fork dining experience and investors a cost-efficient scalable franchise capable of driving significant operating leverage. A fantastic tour of one of Sweetgreen’s infinite kitchens which reduces labour costs by a third through automation and increases throughput dramatically - an infinite kitchen makes 500 salads an hour. We’ll miss our Sweetgreen lunches when we return to the UK next week… Not investment advice, capital at risk

Trump 2.0 may have brought back America First but it is European stock markets that have performed well this year, with Germany up around 20%. With European governments ready to be more expansionary, including an increase in defence spending, and another cut in interest rates this week, there is talk of Make Europe Great Again amid the political turmoil. Capital at risk. This should not be construed as investment advice. #EuropeanMarkets #PoliticalEconomy #GlobalEconomy

Innovation Insights from New York – Day 2 Clare Pleydell-Bouverie, CFA   Sustaining innovators have consistently proven their resilience, delivering strong earnings and dividend growth across multiple economic cycles. Moody’s is a prime example—one of only two global credit rating agencies, enabling businesses to access debt capital markets at significantly lower costs than traditional banking channels.   Two decades ago, Moody’s made a strategic move into data analytics—a decision that has now become its crown jewel, especially as artificial intelligence transforms financial insights. Today, the company is well-positioned to drive the next wave of innovation in financial markets.   Looking ahead, Moody’s has the potential to play a pivotal role in shaping the future of global finance. With a $3.4 trillion digital infrastructure finance market emerging by 2028 and private credit expanding rapidly, the company is uniquely positioned to capitalise on these structural shifts, reinforcing its leadership in financial intelligence and risk assessment.   Not investment advice, capital at risk.

Innovation Insights from New York - Day 1 Storm Uru Financials have proven to be a good hunting ground this past year and New York is home to some of our leading global innovators like Blackstone. As the largest alternative asset manager in the world, Blackstone has unparalleled ability to invest counter-cyclically at scale - something we witnessed to the tune of c.$140bn in 2024 as the company sows the seeds of future value creation. We’re going though one of the largest infrastructure buildouts since the Industrial Revolution with Blackstone uniquely positioned to fund and capitalise on this opportunity. Not investment advice, capital at risk.

The arrival of Trump 2.0 appears to be accelerating the fragmentation of globalisation, both economically and politically. This issue of Liontrust Views discusses the impact of this and some of the likely investment themes for the rest of 2025, including the potential broadening of market winners, how to manage portfolios in this environment and the benefits of actively rebalancing portfolios. Read more: https://bit.ly/4ia5jJi Capital at risk. This should not be construed as investment advice. #ActiveManagement #Globalisation #MarketTrends #EconomicImpact

It was 38 years ago that the Brundtland Commission defined sustainability as ‘meeting the needs of the present without compromising the ability of future generations to meet their own needs.’ In the first of a new series on how sustainable investment can help to improve our world, Peter Michaelis discusses investing to leave our planet in a good state for future generations. Capital at risk. This should not be construed as investment advice. #SustainableInvestment #ImpactInvesting #InvestInTheFuture 

In this first video update of the year, James Klempster discusses the key drivers of markets in the first two months, the impact of Trump 2.0, why the previous unloved areas have performed well, and prospects for the rest of 2025. Capital at risk. This should not be construed as investment advice. #MarketUpdate #Economy2025 #MarketDrivers