Multi-Asset: January Monthly Commentary
2 minutes read timeThe themes that dominated markets last year have carried into the new year, dispelling any expectation that 2026 would be ‘quieter’, highlighted by the US’s audacious extradition of Nicolás Maduro from Venezuela and President Trump’s announcement that he intends to pursue the acquisition of Greenland.
Global Active Credit: December Monthly Commentary
2 minutes read timeIn the month of December, there was a secular shift in interest rate expectations marked by a bull steepening in many global yield curves, whereby short-term interest rates declined while long-term rates climbed.
Multi-Asset: Market Update January 2026
3 minutes read time2025 will be remembered as a year in which uncertainty and strong investment performance were not mutually exclusive. For the first time since 2019, global equities, bonds, and commodities all delivered positive returns, supported by AI-driven investment themes, central bank easing, and falling tariffs.
Multi-Asset: December Monthly Commentary
2 minutes read timeAfter a year marked by uncertainty and rising trade tensions, financial markets were calmer in December. Market leadership broadened, with value stocks outperforming growth. Meanwhile, international markets once again outperformed US equities, benefiting investors with well-diversified portfolios.
G10 Macro Rates: November Monthly Commentary
< 1 minute read timeNovember net performance was a positive +1.09%. The month welcomed data back from the BLS after the longest Federal shut down in US history. The data itself was muddied by insufficient polls or backdated to September and therefore outdated. However, on balance it pointed to weakening inflation and retail sales, against that, reduced employment is yet to materialise.
Global Active Credit: November Monthly Commentary
2 minutes read timeMany market indices showed limited month-on-month movement; however, this masked significant intra-month volatility across numerous markets. The S&P 500 ended the month up 0.25%, despite having been down more than 4.5% at its intra-month low, or 5.75% off its 29th October local peak.
Emerging Markets Income: November Monthly Commentary
2 minutes read timeIn November, the fund returned +0.1% with positive performance from Brazil and South Africa, as gold and other commodities resumed their positive trajectory. Conversely, profit-taking in AI-linked equities from South Korea and Taiwan were the main areas of weakness.
Emerging Markets: November Monthly Commentary
3 minutes read timeDuring November the strategy outperformed the MSCI Emerging Markets Index by 1.7% in what was the first down-month for our markets since the start of the year. The stronger performance was driven primarily by stock selection which limited downside in the portfolio.
Multi-Asset: November Monthly Commentary
2 minutes read timeGlobal markets were mixed in November, following several months of strong gains. Volatility rose as concerns over stretched AI-related and technology stocks resurfaced, prompting a rotation into defensive sectors such as healthcare and consumer staples, while the technology sector faced its largest decline since March.
Multi-Asset: Market Update December 2025
3 minutes read timeGlobal markets were mixed in November, pausing after several months of strong gains. Volatility increased as concerns over stretched AI-related and technology stocks resurfaced, prompting a rotation towards defensive sectors such as healthcare and consumer staples, with the technology sector being challenged, and recording its biggest decline since March.