We avoided the worst-case budget scenario — AIM inheritance tax (IHT) qualification was retained. Business relief remains generous at 20% vs. 40% inheritance tax, with changes not due until April 2026, giving investors valuable runway. We see credible reasons for optimism in the UK economy and markets, despite negative press coverage. We believe there are early signs of a rotation away from US markets toward opportunities in the UK and globally. AIM continues to provide resilient, high-growth opportunities through entrepreneurial companies. We have strengthened our team with complementary expertise, adding rigour to analysis and portfolio construction. We view optimism not as naïve, but as a strategic, forward-looking approach to investing.