In a market crowded with active equity strategies, it can be difficult for investors to identify funds that consistently outperform the market through pure stock-picking. While most managers use either a quantitative model or fundamentals-based approach, we believe combining the benefits of both – within a liquid and transparent ETF structure – may support attractive outcomes over time.
From a fundamental standpoint, earnings are inflecting higher for small cap companies after an earnings downturn in 2023 and into 2024. As of January 2026, bottom‑up consensus from Bloomberg suggests the Russell 2000 will deliver 43% year‑over‑year earnings growth over the coming twelve months, the Russell 2500 will grow by 18%, and the large cap S&P 500 is expected to deliver 11% over the same period. While the whole market is forecast to see meaningful earnings growth, smaller companies are expected to lead. In 2025, earnings were one of the main drivers of stock market returns (rather than multiple expansion / contraction), so a strong showing from small cap earnings could support further share price performance.
Technology continues to underpin global economic growth, productivity and innovation.
In this update, Keith Balmer, Portfolio Manager provides an update on how conflict in the Middle East has impacted markets, discusses how potential scenarios could play out and explains how the team are monitoring the situation.*
This week we focus on the US Federal Reserve (Fed). We explore looming changes in leadership and a pause in rate cuts that looks set to be maintained for some time given inflation and employment numbers.
This week we focus on the weekend’s Japanese elections. Prime Minister, Sanae Takaichi, secured a better-than-expected outcome for her Liberal Democratic Party (LDP), which now has a super majority in the lower house of the Japanese Parliament.
After three years of 20% gains, 2026 has again started on a strong note. This latest rally is one of the most concentrated ever. The global stock market is two-thirds American, of which 40% is just 10 stocks with one huge bet: generative artificial intelligence (AI).
This week we focus on US equities and a rotation in the market.
This week we focus on tariffs following last Friday’s US Supreme Court ruling that the current tariff regime under the International Emergency Economic Powers Act (IEEPA) is unlawful. The decision upholds the judgements of two lower courts last year and was not surprising given the language used in the deliberations by the Supreme Court back in November.
Paul Doyle, Head of Large Cap European Equities, takes us through the key takeaways.
We have seen a softening in market momentum led by US equities and based around two factors. Firstly, there are reduced expectations for an interest rate cut in the aftermath of the October’s Federal Reserve (Fed) meeting.
Discussing the case for emerging market equities – including a weaker US dollar – and the potential benefits of adopting an active approach.
Resilient growth and rising markets mask underlying structural tensions – the risks of a misstep are accumulating. We assess the balance for investors.
This week we focus on the diverging chances of a rate cut in December from the Bank of England (BoE) and the Federal Reserve (Fed).
We maintain a constructive outlook for equities, with a broadening of opportunities for selective investment, backed by disciplined diversification.
The Chanceller’s job of balancing UK finances hasn’t been helped by gilts. Since the election in July 2024, borrowing costs have been higher than the government would like. But one question still gets too little scrutiny: to what degree is the BoE’s QT programme responsible?