Emerging Markets: October Monthly Commentary
2 minutes read timeDuring October the strategy lagged the MSCI Emerging Markets index by 0.8%, even as markets continued rallying. This was primarily due stock selection in Taiwan, where TSMC continued setting the pace. Other markets were mixed with a good recovery in Argentina after the elections but weaker performance among other Latin American markets.
Global Active Credit: October Monthly Commentary
2 minutes read timeOctober saw strong equity market performance globally, accompanied by a rally in global risk-free rates. The S&P 500 gained 2.3%, while the Nasdaq rose 4.8%. In Europe, major indices also finished higher, with the Eurostox 50 up 2.5% and the FTSE100 advancing 4.1%. Gold ended the month up 3.7% at $4,000, though this remained about 10% below intra-month highs of $4,400. Equity gains were led by technology stocks, with the tech component of the S&P 500 up 6.2% for the month.
Emerging Markets Income: October Monthly Commentary
2 minutes read timeThe fund rose 4.4% in October. South Korea remains the standout performer, and together with good returns from Taiwan made Technology the strongest performing sector.
G10 Macro Rates: October Monthly Commentary
2 minutes read timeOctober net performance was a positive +0.59%. The month was more active after the summer doldrums, kicked off by a spat between the US and China over access to rare earth metals and Trumps’ immediate proposed 100% tariff retaliation tipping the recessionary odds again.
Credit Alpha: October Monthly Commentary
2 minutes read timeOctober saw strong equity market performance globally, accompanied by a rally in global risk-free rates.
Multi-Asset: Market Update November 2025
3 minutes read timeContinued enthusiasm around AI, coupled with news of a trade agreement between the US and China – under which the US reduced tariffs and Beijing eased restrictions on rare earth exports – helped drive global equities higher for the second consecutive month.
Multi-Asset: October Monthly Commentary
2 minutes read timeContinued enthusiasm around AI, coupled with news of a trade agreement between the US and China – where the US reduced tariffs and Beijing eased restrictions on rare earth exports – helped drive global equities higher last month.
Multi-Asset – Investment Outlook – 2025: November Insights
5 minutes read timeAfter a volatile start to the year, markets regained their footing, with the third quarter characterised by strong returns. Despite a barrage of negative headlines, ranging from tariff uncertainty to Trump’s persistent attacks on Federal Reserve independence, risk assets have continued to perform, leading many to question whether markets can continue to climb this ‘wall of worry’. But the reality is that this year, outside of Trump’s manic week of tariff announcements, equities have been supported by resilient earnings and a soft-landing macro backdrop.
Emerging Markets Income: September Monthly Commentary
2 minutes read timeIn September the fund returned 2.7% led by China, Taiwan and Brazil with strong performance from Alibaba, Brilliance Auto and Eletrobras.
G10 Macro Rates: September Monthly Commentary
2 minutes read timeSeptember net performance was a positive +0.08%. The month was relatively quiet to round off a calmer summer quarter compared to the Q2 volatility; September NFP data did not counter the weak US labour force highlighted by the revisions in August.