Gregoire Sharma

We remain cautious on the back of significant uncertainty around global trade, inflation, and geopolitical tensions. We see gold as expensive but still find good use as a diversifier and ballast in times of stress. We maintain overall allocations to equities (rotating slightly from our UK OW to global) and have reduced exposures to European rates on worries around French political turmoil, in favour of US duration. We are assessing allocations in alternatives, via real assets.

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