William Dinning

After a volatile 2025, while various geopolitical risks remain this year, global corporate earnings growth is set to remain positive in 2026-7 and we remain positively positioned in equities, but being active investors, we are selective and conscious of valuations as well as growth potential. There has been much written regarding "AI bubbles" and concentration risk; as active investors, we are able to choose which stocks we own and which to avoid. With markets expecting inflation to moderate, allowing modest US and UK interest rate cuts, we retain a preference for UK gilts over corporate credit, seeing more upside for gilts. Commodities and real assets offer diversification and inflation resilience for portfolios; we remain positively positioned and see long term structural demand drivers for gold, copper, uranium and other commodities. Protection Strategies are useful, given market volatility is inevitable. Like insurance, we actively use such strategies aim to mitigate risks.

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