Raymond Backreedy

We see Q3 potentially offering up as much uncertainty as Q2 and H1 given the Trump’s administration of tariffs threats is resurfacing and geo political tensions and on going wars, though de-escalated somewhat, is still very much ongoing.

• Policy divergence and geopolitical risks remain dominant themes.

• Global diversification across regions and asset classes remains important for capturing opportunities.

• Stay the course

We emphasise that advisors and end clients remain invested in globally multi asset portfolios aligned to the appropriate strategic asset allocation that matches the clients’ risk appetite i.e. tolerance for loss and drawdown and to resist the temptation to time markets, switch between defensive and risk assets or pick regions, sectors or stocks, all of which have been shown to erode performance in the long term, with the consequential sub optimal outcome for the end investor.

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