Core Viewpoint - UBS reports that the US stock market still faces uncertainty, but may have passed the peak of uncertainty as tariffs and other policy details come into focus. The GARP (Growth at a Reasonable Price) stock selection strategy is expected to continue performing well in this economic environment [1][7]. Group 1: Economic Uncertainty and GARP Strategy - UBS indicates that the uncertainty index related to economic and policy announcements is currently high, reflecting the impact of policy announcements on market volatility and stock correlation [1][2]. - The GARP stock selection strategy includes companies such as Broadcom (AVGO.US), Eli Lilly (LLY.US), Salesforce (CRM.US), ServiceNow (NOW.US), and Booking Holdings (BKNG.US) [1][10]. - UBS predicts that under a moderate tariff scenario, US real GDP growth will decline significantly from a year-over-year increase of 2.0% in Q1 to 0.7% in Q4 [7]. Group 2: Policy Uncertainty and Market Dynamics - UBS notes that while US policy uncertainty remains high, European uncertainty is expected to decrease significantly, as the consequences of US tariffs may primarily affect GDP components in the US [2]. - The firm suggests that ongoing policy results may create both winners and losers in the market, leading to increased volatility and correlation, but this could stabilize over time [2]. Group 3: Company Performance and Valuation - UBS utilizes HOLT data to identify high-quality companies with strong growth and valuation rankings, avoiding potential value traps and overvalued stocks [10]. - The expected total return and market capitalization for the GARP stocks are as follows: Broadcom (976.9 billion, -10%), Eli Lilly (712.2 billion, -2%), Salesforce (268.4 billion, 116%), ServiceNow (201.7 billion, -3%), and Booking Holdings (168.1 billion, 4%) [11].