Investment Update

Our Q2 Investment Update is out, and we continue to examine what makes investing successful. Coincidentally, some of these success factors share striking similarities with being a parent, which our Deputy Chief Investment Officer Matthew Yeates has recently come to learn.

Healthy growth requires a steady routine. And although introducing routines might feel unrewarding at times, the key to seeing its benefits is patience and discipline. In 2025 we’ve started to see some of the results of this approach: the routine of diversifying – an investment principle at the core of our approach – guarantees outperformance in unstable markets.

And this year we already know a thing or two about unstable markets: in the first quarter, US underperformance erased all of its 2024 gains; and of course, more recently, we’ve seen a market wipeout based on President Trump’s imposition of tariffs over the past week.

If you’re looking for our experts’ views on Trump’s tariffs and what they mean for markets and portfolios, we thought these topics merited analysis in further detail, and so we wrote extensively about them. You can find links to these articles at the bottom of this page.

In our Investment Update, we’ll focus more on what happened in the first quarter and how this links to longer term investment principles. And because we’ve been hearing about tariffs for a while, our Head of Fixed Income Ahmer Tirmizi explores their impact going back to relevant historical events. Economic historians will certainly be adding this last week’s events to that historical list!

And because investing is a fast-developing science, our Head of Equity Strategy Ben Kumar looks at some approaches for getting the best slice of the market cake.