EMEA
Insights
Investment Insights by our experts and thought leaders
Global Equity Quarterly (Q2 2025)
by — 07 August, 2025
The sky isn’t the limit for financial markets, and the stars won’t provide guidance or answers. We will keep our feet firmly on the ground, continuing our search for Future Quality ideas, where we
believe stock selection will remain the key driver of excess returns.
New Zealand Equity Monthly (July 2025)
by , — 07 August, 2025
A key area of focus is the earnings season in August and whether there are signs of recovery. Other focal points are migration trends and developments related to US tariffs. New Zealand companies do
export to the US, but in our view it is not difficult for them to find alternative markets. The impact of US tariffs on New Zealand could therefore be limited.
New Zealand Fixed Income Monthly (July 2025)
by , — 06 August, 2025
One significant theme in fixed income markets has been bifurcation between the prices of government debt, which have been comparatively low, and the prices of other bonds such as those issued by
companies and local authorities. Amid this bifurcation, we expect New Zealand’s interest rates to remain low as inflation eases.
Fed, BOJ and China navigate uncertain growth and inflation paths
by , — 01 August, 2025
US and Japanese central banks held rates steady amid mixed economic signals, with the Fed facing internal dissent and the BOJ turning modestly hawkish. Meanwhile, China appears to be opting for
strategic caution. As rising tariffs and uncertain inflation dynamics continue to complicate the global economic outlook, policymakers in key economies are signalling caution over conviction.
Balancing Act Monthly Insights: Global Multi-Asset (July 2025)
by — 31 July, 2025
Growth assets remain appealing, as we believe that global economic growth will stay resilient despite the ongoing uncertainties. In defensive assets, high yield stands out as it offers higher levels
of return than traditional bonds while exhibiting much lower levels of volatility than equities.
As always, we are focused on finding ideas that are supported by the four pillars of Future Quality investing: franchise quality, integrity of management, balance sheet strength and valuation. We
expect AI, energy and defence to continue providing attractive investment ideas given the structural changes anticipated in these industries.
Japan elections put focus on fiscal questions and tariff impacts
by , — 23 July, 2025
The recent Japanese Upper House elections resulted in the ruling coalition losing its majority, leading to market uncertainty. Despite potential challenges in policy-making, ongoing trade negotiations
with the US and fiscal discipline negotiations remain key focus areas, impacting Japanese assets and global market dynamics.
Harnessing Change-Monthly Insights: Asian Equity (June 2025)
by — 14 July, 2025
According to Wall Street lore, investors should “sell in May and go away”, but June's rally once again reduces the credence of this strategy. Still, the outlook remains uncertain despite improvements
in terms of trade policy tensions and ceasefires.
On the ground in Asia-Monthly Insights: Asian Fixed Income (June 2025)
by — 11 July, 2025
While credit fundamentals and decent demand-supply technicals are supportive, we are wary of trade and geopolitical re-escalation risks. We are therefore inclined to take a more cautious and defensive
approach over the near term.
New Zealand Equity Monthly (June 2025)
by , — 08 July, 2025
In June, New Zealand’s equity market performance largely reflected ongoing weakness in the country’s economy, with defensive stocks acting as the main drivers of performance.
