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...

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...

Dollar Dilemma

” If we lost the dollar as the world currency… that would be the equivalent of losing a war.” – Donald Trump The US dollar (USD) has long stood as the dominant reserve currency of the world, underpinning international trade, financial markets and central bank...