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Despite a challenging backdrop of geopolitical tensions, rising energy prices and renewed interest rate concerns, the global economy has remained resilient. We review portfolio performance, discuss the concentration of market returns around AI, examine the opportunities and risks created by higher bond yields, and explain how we are positioning portfolios to balance long-term growth potential with robust downside protection.

In this Portfolio Spotlight podcast, Sarah Ball, Investment Specialist, speaks with Michael Gilmore of Albizia, about the firm's investment approach in ASEAN consumer businesses, its focus on owner-managed companies, and the opportunities emerging across the region's evolving markets.

In this quarter’s podcast, we look back on an eventful first half of 2026, shaped by geopolitical tension, energy concerns and a narrow, AI-led equity rally. We discuss how portfolios performed across Return and Diversifying Assets, why economic resilience has helped offset earlier stagflation fears, and how we are responding with disciplined portfolio adjustments while seeking attractive long-term opportunities where market sentiment has moved ahead of fundamentals.

In this Portfolio Spotlight podcast, Sarah Ball, Investment Specialist, speaks with Ramesh Rajagopalan, Equity Analyst and Portfolio Manager, about how the team uses “roadmaps” to make disciplined long-term investment decisions under uncertainty.

Markets experienced renewed volatility amid geopolitical shocks and rising energy prices, while portfolio diversification helped cushion returns. We review performance across assets, explain the impact of currency and AI-driven rotations, and outline how we are positioning portfolios cautiously while selectively investing in long-term opportunities created by market dislocation.