Written by T. Bailey Fund Manager Ben Ridley, this piece examines the Water & Waste investment theme, the forces driving long-term demand, and the potential role it can play within diversified portfolios.
Markets reassessed US institutional stability as political pressure on the Federal Reserve and tariff threats raised risk premia. Equity leadership shifted toward Japan and emerging markets, while gold and silver experienced sharp rallies and reversals, reinforcing the importance of diversified, resilient portfolios.
T. Bailey Fund Manager, Ben Ridley, examines energy market dynamics, oil’s position in the capital cycle, and what prolonged underinvestment could mean for future opportunities.
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
US government shutdown after Congress failed to reach agreement on a budget. The IMF warned of subdued global growth and inflation pressures. Conditions more constructive in Asia.
Bond markets questioning the longer-term fiscal credibility of developed western economics. Gold rose as the Fed cut rates while the ECB and BoE held steady. Portfolio gains came from gold, Asian equities, and Chrysalis’s Klarna IPO; AI exposure was trimmed amid market exuberance.
August was unsettled by weak US labour data and political interference, undermining confidence in economic indicators and bond markets. Central banks largely waited on further data, while gold reached new highs and global equities posted modest gains, reinforcing the case for cautious diversification.
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.
Following the turmoil that gripped markets in April, largely driven by the surprise imposition of US "Liberation Day" tariffs, May saw equity markets recover lost ground.
Global markets were rocked in April as the Trump administration ratcheted up trade tensions between the US and the rest of the world, igniting fears of a slowdown in global growth.
