Chris Sutton

The economic outlook remains mixed, with the impact of tariff uncertainty distorting data and unlikely to manifest until the second half of the year. Lower volatility equity such as structured investments, infrastructure and Min Vol factor, remain structural parts of the Aubrey MPS. At c. 50% (down from c. 55%) of the overall equity weighting, our US positioning remains underweight vs the global benchmark. UK valuations remain severely discounted, and the main portfolio activity in Q2 was to increase our UK equity weighting, as the unloved UK market should finally be turning the corner. Despite lower credit spreads, shorter dated investment grade debt continues to provide a good risk/reward profile.

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