We entered the quarter in the throes of an unexpected conflict between the US, Israel and Iran, with both bond and equity markets moving in lockstep with the oil price: the most visible barometer of the potential disruption to the global economy. Quickly, though, the...
"Every act of energy conservation… is more than just common sense: I tell you it is an act of patriotism." Jimmy Carter, former US President, during the energy crisis of 1978–79 South America finds itself on the cusp of a revolution, emerging, as it periodically does,...
The first quarter of the year proved a tale of two halves. Through January and February, markets continued where they had left off in 2025. Buoyed by the prospect of interest rate cuts and stimulative fiscal policy in developed markets, cyclical regions and sectors...
” You can see the computer age everywhere but in the productivity statistics.” - Robert Solow, Nobel Prize winning economist. Artificial intelligence has shaped markets in a way that few other forces have, but its importance for investors is often misunderstood. AI is...
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...
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...
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...
” 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...
In an eventful quarter, markets have begun to question US exceptionalism, a concept which buoyed many USassets when President Trump secured an election victory in November. However, as the euphoria of Trump’s win has faded, the market has begun to re-evaluate what...
“I prefer an uncomfortable truth to a comfortable lie.” Javier Milei The final quarter of 2024 lived up to its action-packed billing. Economic indicators in the UK had been showing depressed levels of activity as the country waited to hear from a Labour chancellor for...