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28 Gibraltar International www.gibraltarinternational.comexporters, he is an expert in making deals. His opening gambit, as with any dealmaker, is always an extreme one. But it gets results. We are already seeing dozens of countries approaching the US, seeking to begin trade talks. President Trump%u2019s tariff orders offer a possible reprieve for trading partners who %u201ctake significant steps to remedy non-reciprocal trade arrangements%u201d. It is for this reason we think the stock market falls are temporary. No one, not least President Trump, wishes to see the stock market fall. It is a sure way of losing votes as it affects most classes of society.Sure, we are bound to see further volatility in response to policy signals coming out of Washington. Uncertainty is likely to persist in the intermediate term, until the final tariff structure is certified and enacted. A second adjustment period will follow as implemented tariffs impact consumer and business spending. After that, investors will settle into the new reality and normality will resume.Investment themes for 2025In a certain-to-be-unpredictable investing environment, we present seven key themes (and seven low-cost ETFs to gain exposure) that we think will be important over the next 12 months. 1 - Dividend Leaders At this stage of the economic cycle, investors tend to pay close attention to companies raising dividends. We think consistent - and accelerated - dividend growth at a company gives three important signals to investors in a stock. First, the company%u2019s balance sheet is strong enough to pay a dividend. Second, management is mindful of shareholder returns, which include dividends. And finally, a significant dividend increase can be a message from management to the market that the nearterm outlook for the company is promising, even during an economic slowdown. SPDR S&P UK Dividend Aristocrats ETF trades on the LSE (UKDV.L) with a Total Expense Ratio (TER) of 0.30% per annum. 2 - Artificial Intelligence The global AI industry annual revenue amounted to $250bn in 2024, and it is expected to grow at a 40% CAGR through 2030, when total revenue is forecast to reach $1.8tn. Although the industry is large and much development takes place within laboratories and universities, much of the revenue and most of the profitability from the AI industry is attributable to several US giants. Roundhill Magnificent Seven ETF trades on the Nasdaq (MAGS) and provides equalweighted exposure to the %u2018magnificent seven%u2019 (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia & Tesla) with a TER of 0.29%.3 - Clean Energy The rise in global land and sea temperatures, the melting of Arctic Sea ice, and the alarming frequency of extreme weather events (last autumn%u2019s hurricane season inflicted at least $200 billion in damages and 400 deaths) provide ample evidence that climate change is a reality. iShares Global Clean Energy ETF trades on the LSE (INRG.L) with a TER of 0.65%. 4 - Sustainable Impact InvestingSustainable Impact Investing, or ESG (Environmental, Social, and Governance) strategies, is gaining traction within the global investment community. According to the Global Sustainable Investment Association, global assets under management in ESG is on track for $50tn by the end of this year, up from $23 trillion in 2016. Instead of just identifying industries to avoid, the discipline now promotes %u201csustainable%u201d business practices across all industries that can have an %u201cimpact%u201d on global issues such as the climate, hunger, poverty, disease, shelter, and workers%u2019 rights. iShares World SRI ETF trades on the LSE (SUWG.L) with a TER of 0.20%.5 - CybersecurityThe large number of well-publicised security breaches in recent years has forced businesses and government agencies to invest heavily in cybersecurity products and services to meet the challenge. Cybercrime is set to cost the world an estimated $10tn this year, compared to $3tn in 2015. These staggering cybercrime totals represent one of the largest transfers of wealth in the history of humankind. L&G Cyber Security ETF trades on the LSE (ISPY.L) with a TER of 0.69%. 6 - Investing in the CloudCloud computing has transformed the technology landscape over the past decade. Created almost accidently as a means of organising customer invoices, cloud has grown from the management of outsourced technology hardware resources to encompass tasks such as software development, big data analytics, and artificial intelligence. First Trust Cloud Computing ETF trades on the LSE (FSKY.L) with a TER of 0.60%. 7 - Pharmaceuticals and Biotechnology The use of prescription medication has risen some 60% over the last decade. What%u2019s more, the percentage of the population over the age of 65 has increased by 39%. This is important as it is estimated that a staggering nine out of 10 elderly adults take prescription medication and more than half of them report taking four or more prescribed drugs. While the elderly represents the majority of the prescription market, those under the age of 65 also are taking more medications than ever as treatments become available for chronic and rare diseases as well as weight loss and diabetes. iShares Healthcare Innovation ETF trades on the LSE (DRDR.L) with a TER of 0.40%.Please be aware that the value of your investments may fall as well as rise and your capital is at risk. Income from the investment may fluctuate in value in money terms.The Stock MarketContinued from p26www.gam.gi