March 2026

Rear View Mirror Q1 2026

As geopolitical tensions escalated and oil prices surged, this quarter examines the impact on global markets, why Emerging Markets outperformed, the challenges facing US equities, and the risks of persistent inflation.

The opening quarter of 2026 was dominated by escalating conflict in Iran, disruption to global oil supplies and renewed concerns around inflation. While these events weighed on investor sentiment, market performance varied across regions as Emerging Markets outperformed and leadership shifted away from US equities. This commentary reviews the quarter’s key developments, assessing their impact on markets, portfolios and the outlook for long-term investors.

The rear-view mirror

Looking back at recent market developments and portfolio behaviour, assessing what occurred, why it happened, and how outcomes compared with prior expectations.

As geopolitical tensions eased, attention turned to the continued growth of AI investment, the recovery in UK gilts and the impact of inflation and interest rate decisions on global marketsRead moreRead moreJune 2026

Regional market performance diverged as UK equities outperformed, AI investment gathered pace and bond markets strengthened. This commentary examines the key developments that shaped investor confidence heading into 2026.Read moreRead moreDecember 2025

Global equity markets continued to benefit from AI-driven investment during the quarter, alongside changing interest rate expectations, emerging market growth and ongoing geopolitical tensions that shaped investor sentimentRead moreRead moreSeptember 2025