2025 Year in Review – Investment commentary
The March quarter was marked by heightened volatility. Escalating conflict in the Middle East disrupted commodity markets, pushed energy prices higher and brought inflation back into focus. In response, markets rapidly reassessed interest rate expectations, leading to uneven price moves across asset classes.
In this environment, traditional energy and materials performed strongly, while technology and other future‑focused sectors sold off sharply, often with little distinction between individual businesses. These moves had a clear impact across equity markets and flowed through to multi‑asset portfolios, highlighting how shifts at the asset‑class and sector level can dominate short‑term outcomes.
Through the quarter, our approach remained guided by what we believe in across both equities and diversified portfolios. In periods like this, investment decisions are shaped less by headlines and more by how sectors and asset classes are positioned through the cycle, and where prices have moved faster than underlying fundamentals.
Fund updates
Active equities
Multi-Asset
Systematic Equities
Fixed Income
