Chris Metcalfe

As Q3 begins, global markets continue to navigate elevated volatility, trade tensions, and shifting monetary policy. We maintain a cautiously optimistic stance, balancing selective risk-taking with portfolio defensiveness. Within equities, we're broadening exposure across regions and company sizes, with a tilt toward undervalued areas and increased diversification beyond mega-cap U.S. names. Europe may benefit from changing global alliances and more accommodative policy. Fixed income remains a key portfolio component, offering defensive qualities amid uncertain interest rate paths and ongoing supply challenges. Maintaining defensiveness through government but mainly corporate bonds while maintaining exposure to higher-yielding areas like emerging markets.

Real assets remain a useful diversifier. With geopolitical uncertainty still elevated, we continue to believe that broad, active diversification remains the best way to navigate an increasingly fragmented global landscape. We have increased our use of hedging to offset the structural bear market in the dollar

‍