December 2025

Rear View Mirror Q4 2025

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.

The final quarter of 2025 saw regional market performance diverge as UK equities and long-duration government bonds outperformed, while enthusiasm for artificial intelligence continued to influence global markets. This commentary examines the economic and market developments that shaped investor confidence, placing quarterly performance into the context of the broader investment landscape as markets entered 2026

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.

Rear View Mirror Q2 2026As 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

Rear View Mirror Q1 2026As 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.Read moreRead moreMarch 2026

Rear View Mirror Q3 2025Global 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