We highlighted sustainability of US AI rally as key risk. Market went up almost double last year and up by a third in first months this year - may be too fast, too far.

China's AI story is different - not just large language models but also self-driving cars, human robots, industrial automation, making it broader than US market.

Still optimistic about Korea and Taiwan markets - no alternative in semiconductors for memory and advanced fab. Current sell-off is just common de-risking of year-to-date crowded trade.

We gradually increased cash level in portfolio and look for opportunity to add to names we like.

Precious metals is very crowded trade year to date. Some rally supported by fundamentals from battery company CapEx, but some is purely hype chasing.