Group 1 - The company maintains a tactical underweight view on Japanese stocks due to a slowing economic recovery and high inflation risks, leading to lower risk-return ratios in the equity market [1] - The company holds a tactical overweight view on government bonds, citing a stable economic recovery and favorable interest rate conditions, with mid to short-duration bonds offering higher allocation value compared to long-duration bonds [1] - The company adopts a tactical neutral view on gold, recognizing its role as a hedge against geopolitical risks and economic downturns, while noting potential price volatility due to uncertainties surrounding trade policies [2] Group 2 - The domestic active asset allocation portfolio achieved a return of 0.11%, outperforming the benchmark index by 0.10%, with a cumulative excess return of 3.72% as of May 25, 2025 [3] - The global active asset allocation portfolio recorded a return of 0.03%, matching the benchmark index, with a cumulative excess return of 3.11% as of May 25, 2025 [3]

Group 1 - The report adjusts the tactical asset allocation view for US stocks to neutral, reflecting a marginally declining trend in the US economy under high interest rates and uncertain policies [3][7][8] - The US Services PMI for February 2025 was reported at 50.4, significantly below market expectations of 53.2 and the previous value of 52.7, marking the lowest level in nearly 17 months [6][7] - The report indicates that despite the marginal economic contraction, the overall resilience of the US economy remains, with the manufacturing PMI at 51.6, slightly above expectations [6][7] Group 2 - The report highlights that the tactical allocation view for the US dollar has also been adjusted to neutral, supported by strong investment in the US economy and global capital allocation towards dollar assets [8][10] - The domestic active asset allocation portfolio reported a return of -0.16% for the week ending February 23, 2025, with a cumulative excess return of 3.07% since inception [16][23] - The global active asset allocation portfolio achieved a return of 0.25% for the same week, with a cumulative excess return of 2.74% [23][24]