EMEA
Insights
Investment Insights by our experts and thought leaders
Harnessing Change-Monthly Insights: Asian Equity (July 2025)
by — 19 August, 2025
Markets continued to be supported by easing financial conditions, but they remain volatile amid the easing of trade tensions and geopolitical changes in the Middle East. Despite this smidge of
uncertainty over the near-term outlook, we believe that Asian markets can still offer attractive returns.
On the ground in Asia-Monthly Insights: Asian Fixed Income (July 2025)
by — 19 August, 2025
In July, Asian local government bond yields broadly declined, diverging from the rise in US Treasury (UST) yields. We expect investor appetite to remain firm for higher yielding bonds in India,
Indonesia and the Philippines relative to their regional peers, while strong inflows in Singapore and Thailand have boosted liquidity and buoyed local bonds.
Balancing Act: Global Multi-Asset Quarterly (Q2 2025)
by — 13 August, 2025
The April-June quarter was marked by an initial rise in volatility followed by market sentiment improving on factors such a US rate cut expectations. We maintained our overweight in growth assets
during the quarter while trimming our overweight in defensive assets.
Navigating Japan Equities: Monthly Insights From Tokyo (August 2025)
by , — 12 August, 2025
Japan’s July upper house elections marked a pivotal moment in its political and economic trajectory. While the ruling coalition’s loss raises concerns over fiscal discipline, it could steer Japan
toward a consumption-led economy. Japan could experience domestic-driven growth not seen in decades.
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.
