Tom McGrath

Markets remain volatile amid mixed signals on inflation, interest rates, and global trade tensions. While the macro backdrop is uncertain, we see opportunities emerging beneath the surface. Our current positioning reflects a cautiously optimistic outlook, favouring a diversified approach across regions and asset classes.

We maintain a balanced core of global equities and bonds, with an increasing tilt toward areas that have been overlooked in recent years. In particular, we are adding to UK and European small-cap equities, where valuations remain historically attractive and potential for long-term recovery is underappreciated. With monetary policy easing gradually and investor sentiment still subdued, we believe selective exposure to quality growth and cyclical recovery stories could reward patient investors over time.

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