Jun 9, 2025 6:01 am
• Tech dominated equity investing for much of the past decade, but its portfolio monopoly is fading. • A broader opportunity set is emerging, with strong interest in defence, financials, industrials, and parts of healthcare. • Defence spending is rising globally amid security concerns, while pharmaceuticals are rejoining the globalisation narrative. • May saw the…
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Jun 4, 2025 11:02 am
Tariff Flip-Flopping: A Political Risk Repricing The month of May was dominated by trade policy volatility, as President Trump reignited tariff threats, particularly toward the European Union, before softening his stance by extending negotiation deadlines. The uncertainty surrounding tariff implementation created distortions in supply chains and added complexity to corporate planning. Many companies front-loaded exports—particularly…
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Jun 3, 2025 6:40 am
• S&P500 has its best May in 35 years • But…. US assets still remain at risk from future high core inflation and a constrained central bank. • ECB and Asian central banks likely to cut rates to support their respective economies • We see further outperformance of ex US markets • AI – a…
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May 28, 2025 8:03 am
• President Trump recharges the tariff challenge to the markets • US bond market fundamentals remain worrying to investors • Global growth has some positive drivers – policymakers helping in certain quarters • Smaller markets in Latin America and Europe have achieved good returns and still have some upside Trade Tensions Return President Trump’s proposed…
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