Quarterly Stock Market Review

Dear Investors,

With these updates, we aim to present to you the most important global and domestic events on a quarterly basis, to provide you with a global market overview of current developments, how we expect these events to affect the future movement of the world economy and the growth of the businesses included in our portfolio, as well as the performance of our funds and their comparison with global stock market indices.

As before, our primary goal and responsibility to you remains the successful management of your assets in accordance with the investment strategy to which you have agreed.

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