Outlooks

Markets remain volatile in 2025 as investors grapple with increasing geopolitical and political risks such as the tariff proposals from the Trump administration. Global equity markets are positive for the first half of the year, with Europe outperforming US equities. Bond indices have produced positive returns year to date. Gold has been strong while the US dollar has been weak.

We maintain a diversified approach to our models. We retain an exposure to alternatives although slightly reduced, increasing our allocation to short duration bond exposures. In the equity space, we have reduced the allocation to the US slightly, increasing our European and Emerging Market exposure. We use a currency hedged fund to mitigate the impact of US dollar weakness.

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