Multi-Asset: September Monthly Commentary
< 1 minute read timeSeptember’s strong economic growth and persistent inflation pulled markets in different directions. Global equities held up for sterling investors, helped by a 2% fall in the pound against the US dollar, while government bonds weakened as yields rose.
Multi-Asset: Market Update September 2026
3 minutes read timeIn September, strong economic growth and stubborn inflation pulled different parts of markets in separate directions. Shares held up well overall for sterling investors, while bond markets came under further pressure.
Emerging Markets: August Monthly Commentary
2 minutes read timeDuring August the fund lagged the MSCI Emerging Markets index by 2.9% despite delivering a positive absolute return. This r.has somewhat reduced our year-to-date outperformance after a strong start to the quarter.
Emerging Markets Income: August Monthly Commentary
3 minutes read timeIn August the fund gained 1%, led by Korea and Taiwan. China was the weakest market, driven by disappointing macro data. At the sector level Technology and Materials rebounded, whilst both consumer sectors were the weakest.
Global Active Credit: August Monthly Commentary
3 minutes read timeAugust delivered a global bond market shock, with longer-dated government bond yields hitting multi-year highs across major economies. Stubborn inflation sat at the root of the sell-off, not only keeping yields elevated in its own right, but driving up the cost of servicing government debt while deficits remain wide and debt metrics deteriorate.
G10 Macro Rates: August Monthly Commentary
< 1 minute read timeAugust was rich on headlines but not very rich on action, as yields on US Treasury bonds finished the month unchanged.
Continued concerns around prolonged conflict in the middle East kept energy prices elevated and rates markets on edge.
Global Listed Infrastructure: August Monthly Commentary
< 1 minute read timeThe Portfolio currently holds 31 global infrastructure stocks and returned -1.09% for August which was ahead of the benchmark. Year to date the Portfolio is up 7.94%, which is behind the benchmark which has returned 9.24%.
Multi-Asset – Investment Outlook – 2026: September Insights
4 minutes read timeHeadlines have spent the past three months lurching between hope and alarm, yet equities are once again close to all-time highs. Despite the lack of a resolution to the conflict with Iran and elevated energy prices, markets have been remarkably resilient.
Multi-Asset: August Monthly Commentary
2 minutes read timeAugust was a strong month for risk assets, after the bull market in equities for 2026 was disrupted in July. Federal Reserve chair Kevin Warsh used his Jackson Hole address to flag inflation as the primary risk for the board, which was taken by the market as hawkish.
Multi-Asset: Market Update August 2026
3 minutes read timeIn August, equity markets rebounded as concerns around AI-related stocks eased, with positive returns across most regions. Sovereign bond returns were more mixed, as investors considered government borrowing, inflation expectations and the outlook for interest rates.