Colin Leggett

Markets ended 2025 strongly, capping a positive year for most asset classes. There were bouts of volatility in the last quarter, but equity markets, fixed income assets and commodities generally closed out 2025 with positivity. The major themes of 2025 continued into the year end. Rates were reduced in the US and UK. The impact of AI development continues to dominate. Gold and other commodities, with the notable exception of oil, continued to rise on geopolitical issues. We remain positive on risk assets at present. We note increasing risks, particularly geopolitical risks, however we believe that a diversified approach is optimal in this environment. In fixed income, we remain at the short end of the curve, although with slightly more duration than last quarter. In equities, we prefer Asia and Emerging Markets but maintain a strong US, and overall global, exposure. In thematic exposures, we continue to prefer mining and technology allocations.

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