For the first half of 2025, staying in liquid and quality stock names shall be the core strategy given the fragile but improving economic outlook. From a stock picking standpoint, companies favored include those that could benefit from the current economic backdrop, has exposure to resilient consumer segments, earnings visibility, and strong cash flow generation capable of weathering fast inflation and higher interest rates. Given economic and financial-market developments, banks, utilities, shipping, and select consumer names are favored.