Form 13G BOUNDLESS BIO For: 14 August

Upcoming economic data indicates a projected deceleration in China's July Fixed Asset Investment (forecast 2.7% YoY) and Industrial Production (forecast 6.0% YoY). Recently, the Business NZ PMI for July improved to 52.8, signaling expansion. Current market performance shows Asian equity indices generally declining, commodities slightly lower, and the US Dollar Index strengthening by 0.40%, while several cryptocurrencies posted significant gains, notably over 4%.

Analysis

Upcoming economic data points to a potential deceleration in China's economy, with July forecasts for Industrial Production (6.0% YoY vs. 6.8% prior) and Fixed Asset Investment (2.7% YoY vs. 2.8% prior) both indicating a slowdown. This contrasts with more positive signals from other regions, such as the Q2 YoY GDP forecast of 0.40% (rebounding from -0.20% previously) and a notable improvement in New Zealand's July Business NZ PMI, which rose to an expansionary 52.8 from 48.8. Current market movements reflect a risk-averse sentiment, with Asian equities broadly lower, led by the Hang Seng's 1.63% decline. This is mirrored by modest weakness across key commodities, including WTI crude (-0.09%) and copper (-0.20%). The most significant market signal is the US Dollar Index's 0.40% rally, suggesting a flight to safety, which coincides with falling prices in major government bond futures, including the Euro Bund (-0.22%) and UK Gilt (-0.46%). In a separate trend, several cryptocurrencies are showing substantial gains, indicating isolated speculative activity.

Key Decisions for Investors

• Given the forecasted slowdown in key Chinese economic indicators, investors should scrutinize exposure to assets dependent on Chinese growth, particularly industrial commodities and Chinese equities.
• The significant strength in the US Dollar Index warrants attention; consider positioning for continued dollar strength against currencies of economies showing signs of weakness.
• The decline in major government bond futures suggests rising yields, advising a cautious stance on long-duration fixed-income holdings and a review of portfolio sensitivity to interest rate changes.
• The divergence between the broad market's risk-off tone and the strong rally in select cryptocurrencies highlights the need to treat digital assets as a separate, highly speculative class driven by distinct factors.