Investment Letter Q4 2025

As we turn the page on 2025, it has been pleasing to see many themes for which we were positioned play out during the year. No less encouraging is the fact that the rationale for several of these remains intact. Take our exposure to commodities, where we see certain...

UK Budget Update

As Rachel Reeves delivered her second Budget, months of speculation have come to an end. Many of the rumoured changes have not come to fruition but the devil is often in the detail. The headline announcements which may impact you are as follows: Income TaxFreeze in...

Investment Letter Q3 2025

The past three months have felt like a crescendo of political noise. The diplomatic style of the current US administration is forcing a reaction from their counterparts across the world; very much Trump’s intention in some cases. For investors, politics has always...

Investment Letter Q2 2025

The second quarter produced a few events which appear genuinely historic in nature. Whether or not they prove transformational for financial markets will depend on the degree of follow-through from politicians around the world, particularly in relation to trade and...