Q1 2026 in review

How markets responded to conflict in the Middle East and a sharp rise in oil prices, and how this coincided with a market rotation as investors assessed which business models were most at risk from artificial intelligence (AI).

What to watch next

Three key signals that matter more than headlines – oil shipping flows, blockbuster AI IPOs and whether the approach of the US midterm elections will bring meaningful policy change.

Portfolio positioning

How we have adjusted portfolios to capture opportunities in equities and bonds, while maintaining diversification.

We have individual documents for each of our three investment options: active, blended and passive, so you can read about the changes specific to your chosen portfolios.

You can read the reports using the links below:

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Find out more about our multi-asset solution

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This article is provided for general information purposes only and should not be construed as personal financial advice to invest in any fund or product. These are the investment manager’s views at the time of writing and should not be construed as investment advice. The opinions expressed are correct at time of writing and may be subject to change. Capital is at risk. The value and income from investments can go down as well as up and are not guaranteed. An investor may get back significantly less than they invest. Past performance is not a reliable indicator of current or future performance and should not be the sole factor considered when selecting funds.