Alex Brandreth

Despite geopolitical tensions economic growth has been resilient in 2025. On a positive note, earnings momentum has remained robust and with central banks signalling a cautious approach to interest rates this has added some stability to the outlook for global rates moving forward. As the third quarter starts to unfold, and with economic and corporate fundamentals showing signs of resilience a well-diversified portfolio should continue to benefit in these circumstances. Within equities we remain neutrally positioned with a bias to US technology and areas outside the US e.g. Europe, Asia and Japan. Recent tariff announcements and political policy have led to higher levels of inflation in both the US and UK and we therefore remain shorter duration

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