Proceeding with Care — Normal Market

Client Update • October 13, 2025

Executive Summary

We continue to base our core positioning on innovation, secular growth, and technology leadership, but we enter a more vigilant phase of the cycle. We believe the macro regime remains constructive enough to reward a tilt toward technology and information services—yet vigilance is warranted. Our stance is one of prepared agility: maintain core exposure to durable growth while layering hedges and optional tilts as signals emerge.

Closing Commentary

We remain constructive on innovation-led growth and believe the premium for durable cash-flow compounding remains intact. Yet, as the cycle matures, we will proceed with care—keeping core exposure to proven leaders while preparing to tilt toward cyclicals and energy when the data justify it. Our discipline favors signals over opinions, and flexibility over rigidity. Across a full market cycle, this approach is designed to protect capital and capture opportunity without false precision in timing.

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This report is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal.

The information contained herein has been obtained from sources believed to be reliable but is not guaranteed as to accuracy or completeness. Opinions and forward-looking statements reflect Harvest Portfolio Management’s judgment as of the date of publication and are subject to change without notice.

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