Julian Menges

Our portfolios had a good Q4 and strong 2025 overall, with our autumn increase in gold & silver equities being a key contributor. We held an overweight to unloved and cheaper Asia & Emerging Markets, EU and Gold & Silver equities and all outperformed the more frothy US equities. In addition, our long-standing overweight to Alternatives with their lower volatility and more predictable returns, at the expense of Fixed Income, continues to add value. We expect 2026 to bring greater volatility. Questions around AI's long-term profitability and elevated valuations could weigh on sentiment, while spreading geopolitical uncertainty will add to market crosswinds. We are maintaining our bias to the cheaper equity markets and more predictable Alternatives, with gold and silver as "insurance" against growing risks.

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