This Quarterly Report is designed to support our valued advisers and clients.

December highlighted growing central bank divergence as Japan tightened policy while the US and UK eased, challenging long-standing capital flow dynamics. Commodities surged to extremes, AI profitability came under scrutiny, and subdued UK growth reinforced the case for diversification beyond traditional US-centric portfolios.

November saw volatility return as crowded AI and technology positions corrected, highlighting the risks of narrow market leadership. Diversification proved its value through bonds, alternatives and commodities, while the UK Budget steadied markets but left longer-term growth challenges unresolved

This Quarterly Report is designed to support our valued advisers and clients.

This Quarterly Report is designed to support our valued advisers and clients.

In July 2025, markets were shaped by President Donald Trump’s “One Big Beautiful Bill,”. Debt markets stayed steady while equities rallied, pushing the S&P 500 to fresh highs.

June proved to be a remarkably composed month for financial markets which continued their recovery in the wake of US President Trump’s “Liberation Day” sell-off.

March was marked by heightened volatility as US trade policy uncertainty weighed on growth expectations and pushed US equities into correction territory. By contrast, European markets benefited from fiscal stimulus hopes, while gold and copper supported diversified portfolios amid persistent geopolitical and policy risk.

February highlighted shifting global leadership as AI innovation became increasingly commoditised, challenging valuations in US technology. Rising trade tensions, firmer US inflation and weakening growth weighed on US assets, while non-US equities, commodities and diversified portfolios proved more resilient.

This Quarterly Report is designed to support our valued advisers and clients.

November was dominated by Donald Trump’s election victory, boosting US equities but reviving concerns over tariffs, inflation and higher bond yields. Elevated valuations and market concentration point to more muted long-term returns, reinforcing the case for broader, more balanced portfolio positioning.

October highlighted the resilience of the US economy but also the risks of increasingly concentrated equity leadership and elevated valuations. Policy uncertainty in China and the UK, shifting interest-rate expectations, and strong performance from gold and alternatives reinforced the case for broad diversification and selective exposure to cheaper markets.