Appleseed Fund 2025 Semi-Annual Shareholder Letter

2025-05-02 11:00:00 ET

Summary

• The global financial system is undergoing a major transformation, moving towards a more fragmented, regional, and inflationary environment.
• Rising tariffs and capital flight are reshaping trade and investment, favoring businesses with pricing power and domestic production capabilities.
• Gold and real assets are gaining importance as safe havens, while traditional bonds and U.S. tech-heavy stock indices face increased risk.
• Investors should prepare for volatility by focusing on real assets, foreign equities, and selectively on Bitcoin, while being cautious with bonds and broad U.S. indices.

“The old world is dying, and the new world struggles to be born: now is the time of monsters.” — Antonio Gramsci, Italian Philosopher and Politician

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