Ben Kumar

It's been a wild ride (in headline terms) so far in 2025. Remember the LA fires in January? Or the declaration of martial law in South Korea? Probably not, because other recent events have been even more dramatic. Tariffs. Ukraine. Iran/Israel. So the fact that most global stock markets are comfortably up for the year seems, in hindsight, a little odd. But behind the headlines, there have been a lot of positive currents, which we think are likely to continue into the end of the year. European reindustrialisation has been needed for decades – and is now starting to look like a reality. Beneficiaries include utilities, industrials, and financials. The drivers of global growth are, for the first time in a LONG while, starting to exist outside of the US tech sector and the Chinese property market. Doesn't mean it will be smooth sailing (we expect more, worse headlines) but under the surface, the investment outlook is actually pretty benign.

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