Julian Menges

Our Q2 rebalance, executed near market lows after the "tariff tantrum" in April, and our addition of gold equities in our Q3 rebalance in early September both proved well timed and are helping portfolios outperform peers / benchmarks. Within equities, we continue to hold high conviction in emerging markets, smaller companies and precious metals which offer excellent long-term opportunities for growth and, crucially, are under-owned by investors. Against this, we remain underweight Technology / AI given valuations leave little room for disappointment. We remain overweight Alternatives, which continue to provide strong uncorrelated returns, and underweight Fixed Interest which remain poor value. Overall, portfolios remain well diversified and offer something different to Advisers and their clients to navigate ongoing market uncertainty and volatility.

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