Andrew Fargus

In sterling terms, 2025 saw the US stock market lag well behind non-US equities. Our positioning, with a significant underweight in US stocks, allowed us to benefit from this divergence. Looking forward, we intend to maintain this underweight, as US equities continue to trade at a meaningful valuation premium relative to the rest of the world. At the same time, the scale of recent moves across global markets means we will selectively trim some of our equity positions, redeploying capital into commodity-linked equities and into more defensive areas such as shorter-dated government bonds and diversifying alternatives, balancing risk management with ongoing strategic exposure.

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