Wealtheon Asset Management

G20 Trade with the US: Who’s Most Dependent? (as % of GDP) ???? EU Exports to US: 2.93% US Exports to EU: 1.33% ???? Canada Exports to US: 20.6% US Exports to Canada: 1.28% ???? Mexico Exports to US: 27.4% US Exports to Mexico: 1.16% ???? China Exports to US: 2.85% US Exports to China: 0.53% ???? Japan Exports to US: 3.43% US Exports to Japan: 0.27% ???? India Exports to US: 2.13% US Exports to India: 0.15% ???? UK Exports to US: 2.26% US Exports to UK: 0.27% As of March 9, 2025, the U.S. administration has announced new tariffs with significant implications for global trade and investment. A 25% tariff on imports from Mexico and Canada was initially imposed but has been postponed until April 2. Market sentiment remains cautious, as uncertainty lingers over potential escalations and retaliatory measures, particularly from the European Union. China, already facing trade restrictions, now faces an additional tariff, bringing the total levy on its imports to at least 20%. Key sectors, including electric vehicles and consumer goods, continue to see rising costs, with 100% tariffs on Chinese-made EVs and 15% on clothing and footwear. At the start of 2025, we anticipated that shifts in U.S. economic policy, including tariff adjustments, would contribute to market volatility. While the U.S. economy is structurally less dependent on exports, global markets remain highly sensitive to geopolitical and policy changes. At Wealtheon, our investment committee continues to monitor these developments and assess potential policy responses. We remain committed to a long-term, strategic approach that prioritizes resilience and aligns with our clients' interests in an evolving market environment. We manage your assets with the greatest care. Today, for tomorrow. ?????? ???????? ???? ???????? ???? ???????????? ??????: ?? Phone: +32 2 372 50 10 | +31 40 296 0480 ?? Email: [email protected] ?? Website: www.wealtheon.eu #EU #US #Trade #Tariffs #Trump Source: Financial Times | Bloomberg | The Economist | Financieel Dagblad

Through the Wealtheon Foundation, we proudly support the full two-year training journey of an assistance dog of Os’mose, ensuring a decade of dedicated service. This commitment covers everything from expert training to medical care, food, and instructor salaries. Os’mose’s assistance dogs are more than companions—they are life-changers. They help individuals facing disabilities or illness regain autonomy, independence, and confidence. Our Wealtheon Foundation strategically leverages financial contributions from Wealtheon Asset Management, its clients, and third parties, investing collaboratively for a more impactful and positive global impact. ??Together, we are committed to directly investing in building a better world. #dog #dogs #supportdog #chien

At Wealtheon, we build on over two generations of expertise in asset management. As a family-owned and independent firm, we uphold the values of trust, integrity, and personalized service, ensuring that our investment strategies align with our clients' long-term financial goals. We are committed to delivering tailored investment solutions with a focus on attractive returns and appropriate risk management. From our offices in Waregem, Eindhoven, and Brussels, we are ready to assist you at every stage of your financial journey. ??????'?? ????????! ??Brussels: +32 2 372 50 10 ??Waregem: +32 56 96 05 01 ??Eindhoven: +31 40 296 0480 ?? [email protected] - - - #Eindhoven #Brussel #Brussels #Waregem

???????????? ??????????????’?? ?????????????????? Warren Buffett’s Berkshire Hathaway has released its 13F filing for the fourth quarter of 2024. Here’s a look at the stocks that Buffett and his team bought, sold, and held steady during the past quarter. ???????? ?????? - Constellation Brands ($1.2B investment) – A leading alcohol brand with strong pricing power and a steady 1.5% dividend. ?? ???????????????? - Occidental Petroleum (+3.49%) - Sirius XM (+11.71%) - Pool Corp (+48.17%) - Domino’s (+86.49%) - VeriSign Inc (+3.56%) ?? ???????????????? - Bank of America (-15%) - Citigroup (-73%) - Liberty Formula One Group (-11.93%) & more ?????????????????? ???????????????????? ?? Buffett held steady on Apple, maintaining 300M shares ($75.1B)—still 28% of Berkshire’s portfolio, down from 51% before recent sales. ?? Berkshire’s cash reserves have reached a record $325B, signaling a cautious stance despite market opportunities. ?????????? ?????????????????? Inspired by Benjamin Graham, Buffett’s investment approach focuses on buying high-quality businesses at a discount and holding them for the long term. His disciplined, patient strategy continues to deliver strong results. ?????????????????? ?????????? ???????????????? At Wealtheon, we share a similar value investing philosophy—identifying solid businesses with strong returns at attractive prices, prioritizing stability and long-term growth. Want to learn more about our Value Strategy? Contact us today: www.wealtheon.eu - - - #valueinvesting #value #berkshirehathaway #warrenbuffett

?????????????????? ????????????! We’ve visualized key highlights from the ongoing earnings season, including income statements from Apple, ASML, Tesla, Meta, Microsoft, Amazon, Alphabet Inc. (Google), McDonald's, and Spotify below to provide a snapshot of each company’s financial performance this quarter. Which company stood out to you so far? ?? Share your perspectives in the comments. #Apple #ASML #Meta #Google #Earningsseason Sources: Financial Time | Bloomberg | App Economy Insights

?????? ????????: ?????????????????? ???????????????????? ?????????????????? ???? ???????????????? Ben jij een nauwkeurige en gestructureerde professional met ervaring in de financi?le sector? Heb je een klantgerichte mindset en een passie voor financi?le dienstverlening? Dan hebben wij de perfecte uitdaging voor jou! Wij zijn op zoek naar een Portfolio Management Assistant voor de regio Brussel. Ontdek alle details en solliciteer via de vacature hieronder op LinkedIn. #Brussels #Brussel #Job?#Vacture #Jobs https://lnkd.in/e-gAAPqY

Welcome to the Wealtheon team, Julie Nys! We are delighted to announce that Julie has joined us as Senior Relationship Manager at our Brussels office. With an extensive background in private banking at Degroof Petercam, BNP Paribas Fortis, and ING, Julie brings deep expertise in wealth management and a strong client-centric approach. This expertise and dedication make her a valuable addition to our growing team. We look forward to working together as we continue to deliver excellence to our clients. Welcome aboard, Julie Nys. ??

Our partner and head of the Value Strategy, Naard Broeckaert, visited India last week to explore one of our most important investments within the Wealtheon Value Strategy: Fairfax Financial Holdings Limited. ? Fairfax is a Canadian property and casualty insurance company with a global presence and significant investments in India. ? Together with 20 shareholders, primarily from Canada and North America, Naard spent the week visiting several companies within Fairfax’s portfolio. ? A key highlight of the trip?was?the visit of?Fairfax’s 75% ownership stake in the private Bangalore International Airport Ltd, a superbly modern and efficient facility that handled over 40 million passengers in 2024. ? This asset is a crown jewel in their portfolio and, in our view, significantly undervalued. The potential for an IPO next year represents a compelling opportunity for us as investor. ? Fairfax has developed a robust and distinctive network in India, positioning itself to benefit from the country’s continued economic growth over the coming years. Thank you to India and Fairfax Financial for a fantastic trip—perfectly organized, inspiring, and a confirmation of the opportunities that lie ahead. - - #India #FairfaxFinancial #ValueInvesting #Mumbai #Bangelore

At the Wealtheon Foundation, we’re proud to support Debateville. Their mission? To promote social mobility and cohesion by teaching young people essential skills through debate. Thanks to a motivating and versatile speaking skills program, teenagers from age 10 learn the mindset and abilities to make their voices heard. Self-confidence, language fluency, and a critical perspective help them reach their full potential. Our support at the Wealtheon Foundation has played a significant role in Debateville’s growth and in expanding the future opportunities of more than 4,000 young people reached each year. With your contributions, they’ve been able to broaden Debateville's programs, impact more youths, and foster positive change in their lives. Together with Wealtheon Asset Management, its clients, and additional donors, we aim to create more opportunities for young people and build a stronger, more cohesive society. Investing together effectively for a better world. Debateville | Nora Sleiderink | Sophie Buysse | Helene Vandermeulen | Stijn (Stan) Christiaens | Lionel Frankfort

?????????????????? ???????? ?????? ???????????? (????????, ????????, ????????) ?? World: 3.2% - 3.3% - 3.3% ???? United States: 2.8% - 2.7% - 2.1% ???? Eurozone: 0.8% - 1.0% - 1.4% ???? Germany: -0.2% - 0.3% - 1.1% ???? France: 1.1% - 0.8% - 1.1% ???? Italy: 0.6% - 0.7% - 0.9% ???? Spain: 3.1% - 2.3% - 1.8% ???? Netherlands: 0.9% - 1.6% - 1.8% ???? Belgium: 1.0% - 0.6% - 0.9% ???? Switzerland: 1.5% - 1.4% - 1.7% ???? Japan: -0.2% - 1.1% - 0.8% ???? United Kingdom: 0.9% - 1.6% - 1.5% ???? China: 4.8% - 4.6% - 4.5% ???? India: 6.5% - 6.5% - 6.5% ???? Russia: 3.8% - 1.4% - 1.2% ???? Saudi Arabia: 1.4% - 3.3% - 4.1% ???? South Africa: 0.8% - 1.5% - 1.6% In its latest World Economic Outlook from the International Monetary Fund, global growth is projected at 3.3 percent both in 2025 and 2026, below the historical (2000–19) average of 3.7 percent. The forecast for 2025 is broadly unchanged from that in the October 2024 World Economic Outlook, primarily on account of an upward revision in the United States offsetting downward revisions in other major economies. Global headline inflation is expected to decline to 4.2 percent in 2025 and to 3.5 percent in 2026, converging back to target earlier in advanced economies than in emerging market and developing economies. The US is forecasted to grow at 2.7% in 2025, an upward revision of 0.5 percentage points from October 2024, supported by strong consumer demand and favorable financial conditions. Growth is expected to taper to 2.1% in 2026. China’s growth rate for 2025 is slightly revised upward to 4.6%, buoyed by fiscal support, but challenges in trade policy and the property market persist. Growth is expected to stabilize at 4.5% in 2026, while India continues to project steady growth of 6.5% over both years. In Euro Area, growth is expected to pick up but at a more gradual pace than anticipated in October, with geopolitical tensions continuing to weigh on sentiment. Weaker-than-expected momentum at the end of 2024, especially in manufacturing, and heightened political and policy uncertainty explain a downward revision of 0.2 percentage point to 1.0 percent in 2025. In 2026, growth is set to rise to 1.4 percent, helped by stronger domestic demand, as financial conditions loosen, confidence improves, and uncertainty recedes somewhat. Source: International Monetary Fund | Reuters | Financial Times #US #EU #China #GDP