Major equity indexes ended June higher: the S&P 500 and technology-heavy Nasdaq rallied 6.6% and 6.7% respectively, while the Dow advanced 4.7% for the month. We attribute stock performance year-to-date primarily to the expansion of multiples, as reflected in the P/E ratio expanding by approximately 17%. While the economy has displayed resilience recently, we believe the full impact of the monetary tightening is yet to be experienced. We anticipate a more challenging macro environment in the equity markets due to uncertainties in monetary policy, weakening consumer trends, and heightened recession risks. Against this backdrop, we have maintained a cautious stance in equities, with our U.S. equity exposure remaining at 45%.