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Drawing on deep expertise, measured judgement and skilful market navigation, we scan the horizon for risks and opportunities, discovering fresh perspectives and insights to shape better investment outcomes.

Bond markets are enduring one of their most uncertain and volatile periods in recent memory.  Market consensus views have been formed and abandoned in response to the changing macro and political backdrop, resulting in an environment where high-conviction views about the market outlook are more difficult to find. While uncertainty might not be everyone’s best friend, the volatility it brings supports a strong argument in favor of active duration risk management.

One story has dominated bond markets in the last month, the US trade tariffs. Although they had been widely anticipated, we are not sure anyone had on their bingo card that the Trump administration would announce such aggressive and comprehensive tariffs….and do so using their own giant bingo card! Listen to the latest Thinking Out Loud for the latest thoughts from Colin Finlayson, investment manager, Fixed income.   

The bar has been set high for global equity markets going into 2025. Two years of strong returns could lead investors to question: is there any room to move higher? We think so, but it’s not as simple as just buying the market.
 

The macroeconomic outlook suggests moderating growth and controlled inflation. However, uncertainty has risen post-US election, with the new administration's policy agenda still unclear. Proposed trade tariffs may initially boost US inflation but could dampen growth modestly. Global impacts may skew negative, widening divergences between the US and Europe, China, and others.

Corporate bonds performed well in 2024, but government bond volatility dampened overall fixed income returns. Central Banks fell short of market rate-cut expectations, with resilient economies, especially in the US, and political upheaval fueling turbulence. Will 2025 bring similar challenges?

Bond markets decided against a traditional “quiet summer” and instead gave us two bouts of volatility to book-end the period – the snap French elections and the “flash crash” in August.

Investors increasingly seek to align financial goals with their values. This article explores ethical funds and shows how our investment solutions combine ethical exclusions and stock selection to create responsible, transparent portfolios.