Jasper Thornton-Boelman

Shorter term positioning has largely remained neutral over the period. By this I mean we’re not actively adding or reducing from the overall risk level of portfolios. Many of the themes from 2025 we see continuing through 2026, so we’re not making too many alterations to portfolios right now.

Small cap stocks remain an area of interest, with an overweight position reflecting our belief that they’ll perform well in light of the tax incentives and lower interest rate environment in the US. Tight credit spreads e.g. the amount extra you get paid for lending money to a company vs a government, keep us committed to our underweight position in the asset class. This is helping fund an overweight to Alternatives, which offer clients a strong level of diversification alongside traditional bonds and equities

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