James Burns

We maintain a positive outlook on risk assets, supported by resilient corporate fundamentals and supportive macroeconomic backdrop. Tariffs weigh on the global economic outlook, but US fiscal stimulus and the expectation of lower interest rates provide a meaningful offset. At the portfolio level we are positioned with a modest risk-on tilt with an overweight to equity and alternatives and an underweight to fixed income. Regionally, we prefer non-US companies, where valuations are less demanding and sentiment is improving. We are strongly optimistic on alternatives for their ability to generate returns while enhancing diversification and resilience against supply-side shocks and geopolitical risks. Here, we favour gold and hedge funds. We see fixed income as less compelling, favouring shorter maturities to reduce interest rate sensitivity.

‍

‍

‍