This month, we have restarted our mid-quarter reviews. This 4-page spread dives into what has driven markets over the last quarter, our top and bottom performers, longer-term performance, and finally our outlook.
Persistent dollar weakness and geopolitical upheaval shifted the drivers of performance toward Equity markets outside of the US in 2025 and have continued to do so in 2026. Our pre-emptive, higher allocation to the rest of the world has delivered an exceptionally strong three months.
