In our Q3 report we cover:

Q3 2026 in review

Why the price-to-earnings multiples of many companies at the heart of the artificial intelligence (AI) boom are now lower than they were a year ago, even though markets have moved higher. We also explain why US government bond yields moving above 5% can be positive for investors.

Market outlook

How innovation and investment opportunities linked to AI are becoming increasingly global and how history puts continuing recession warnings into context. We also underline the importance of staying focused on the investment destination rather than being distracted by bumps in the road.

Portfolio positioning

How we have adjusted our equity and bond allocations, while maintaining diversification across a range of key global asset classes.

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 clients' chosen portfolios.

You can read the reports using the links below:

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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.