Global Active Credit: July Monthly Commentary
3 minutes read timeJuly was dominated by renewed geopolitical tension, higher bond yields and a pullback in enthusiasm for artificial intelligence. The US-Iran conflict re-escalated after the previous month’s tentative progress broke down, disrupting traffic through the Strait of Hormuz and pushing Brent crude briefly above $100 per barrel.
Global Listed Infrastructure: July Monthly Commentary
< 1 minute read timeThe global listed infrastructure sector was stronger over July with the reference benchmark index (FTSE Global Core Infrastructure 50/50 Index Net Tax USD) returning 0.55% over the month.
Emerging Markets: July Monthly Commentary
2 minutes read timeDuring July the Strategy outperformed the index by 1.9% even as investors got jittery about the AI trade. The greatest positive contribution came from our stock selection in Korea as well as exposures in China and smaller markets such as Argentina, Thailand and Poland. This was offset by stock selection in Taiwan where second-line stocks […]
G10 Macro Rates: July Monthly Commentary
2 minutes read timeJuly 2026 net performance was positive 0.56%. July was dictated by a renewed repricing higher in G10 rates as the market moved away from the benign disinflation narrative that had dominated into quarter end.
Emerging Markets Income: July Monthly Commentary
3 minutes read timeOver the month the fund gained 1.4% in GBP, the best country performance came from China and Hong Kong, the weakest was South Korea. Consumer Discretionary was the strongest performing sector and Industrials the weakest.
Pacific Tourbillon Partners – The Paradox of Durability
2 minutes read timePacific Tourbillon Partners – The Paradox of Durability
Multi-Asset: July Monthly Commentary
2 minutes read timeMarket performance in July was shaped by three main forces: renewed tension in the Middle East, a sharp rotation away from AI and semiconductor-related equities, and a more unsettled interest-rate backdrop following the US Federal Reserve meeting.
Multi-Asset: Market Update July 2026
4 minutes read timeJuly was dominated by three interlocking themes: a re-escalation of hostilities in the Middle East that sent oil prices sharply higher, a reversal in technology stocks, and a Federal Reserve decision that unsettled bond markets.
Emerging Markets: June Monthly Commentary
3 minutes read timeDuring Q2 2026 the strategy outperformed the MSCI Emerging Markets index by 1.8%. The quarter was characterized by a strong equity recovery after a March correction in response to the war in Iran.
Emerging Markets Income: June Monthly Commentary
3 minutes read timeOver the month the fund retraced by 3.75% in GBP. The strongest markets were Saudi Arabia and Thailand; the weakest was China. The best performing sector was Industrials and Consumer Discretionary the weakest. Year to date the fund has returned 19.5% which is behind MSCI Emerging Markets.