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For individual investors in the UK

What do your peers think?

In our latest Customer Panel Survey in June 2025, we asked for your thoughts on some topical questions. We aggregated the responses from respondents so you can see what your peers are thinking.

A young surfer on a wave at sunrise. The wave is curling behind him sending up sea spray.
30 Jul 2025
4 minute read

SHIFTING MARKETS

1. What are your top investment concerns? (select up to three)

In a shift from when we asked these questions back in December 2025, conflicts overtook government policy to move into the top spot, likely because the survey was conducted when Israel and Iran were exchanging fire. Interest rates fell back, with only 25% of respondents selecting this as a concern compared with 40% six months earlier, potentially reflecting recent Bank of England rate cuts.

A bar chart showing respondents’ top investment concerns. They could select up to three. The bars are orange and run horizontally. The top concern is conflicts selected by 72%, followed by government policy at Conflicts at 47%, Geopolitical landscape at 42%, inflation at 37%, recession at 35%, interest rates at 25%, exchange rates at 5% and just 4% were worried about the housing market.

2. What is your expectation of the effect of tariffs? (Select one that best describes your view)

Building on earlier questions about tariffs we asked you what you thought was the likely biggest impact. The potentially inflationary aspect of extra taxes on imports was your dominant concern, followed by concerns that trade friction could slow growth.

A pie chart in four colours showing the percentage of respondents that selected a particular response to a question on the impact of tariffs. The biggest piece of the pie is coloured orange and represents 41% of respondents who said Tariffs will push up prices globally. The second largest part of the pie is coloured grey and reflects 34% of respondents who said tariffs will cause growth to slow. A blue section represents 14% of respondents who think tariffs will affect the US the most. Finally, the smallest piece of the pie is coloured red and represents 11% who thought that countries outside the US will be affected the most by tariffs.

3. Asset markets were volatile after the tariff announcements. Did the volatility cause you to reconsider your allocations to bonds and equities? (Select one)

The vast majority of responding investors were fairly sanguine about the market volatility, preferring to ride out the volatility rather than panicking or seeking to reallocate. Some 3% added to equities, which in hindsight proved to be a rewarding move.

81%
Did nothing – prefer to ride out the volatility

13%
Considering reallocation but monitoring the situation

3%
Added to equities when they sold off

3%
Already reallocated to safer asset classes such as bonds

 

4. Tariffs are seen as contributing to a slowdown in the US economy. How likely do you think it is that the US will enter a recession (two consecutive quarters of negative economic growth) in the next 12 months? (Select one)

Respondents were fairly evenly split on the prospects for the US entering a recession (the % figure reflects respondents’ selection). Given some of the conflicting economic data and the debate within the US Federal Reserve about the direction of interest rates, the level of uncertainty seems to be widely shared.

An infographic chart showing the five responses to the question. The first response is the US will avoid recession. An icon of a lighthouse accompanies this response and 6% of respondents thought this. The second response is that recession is unlikely, supported by 19% of respondents. The image accompanying this is an icon of a speedometer with its arrow pointing to a low level. The third response is 50/50 chance of recession, supported by 47% of respondents. The image accompanying this is a scale balance. The fourth response is recession is very likely, supported by 23% of respondents. The accompanying image is a speedometer with the arrow pointing to a high figure. The final response is already in recession, supported by 5% of respondents. The accompanying image is a barrier suggesting the economy is hindered.

5. NATO members are expected to increase their defence spending. Do you think this is a good use of government spending? (Select one)

Your responses here were generally supportive of extra defence spending and NATO countries actually pledged to increase spending to closer to 5% of gross domestic product (GDP) by 2035 at their summit on 27 June 2025.

A bar chart showing respondents’ choice towards the question. The longest bar represents 63% of respondents who felt that extra defence spending was necessary to ensure we are properly defended in a more volatile world. 18% of respondents said that they are happy for expenditure to be raised but not above 3% of GDP. 15% of respondents said they would prefer we spent less on defence and more on public services. Only 5% of respondents said they already thought that we were spending the right amount on defence.

6. With European politics relatively stable in comparison to the US, and Germany embarking on big infrastructure and defence spending, there has been fresh interest in European equities. Which best describes your view?

While 37% of respondents thought the US equity market would remain dominant, a majority of you saw the relative prospects for European equities improving.

A pie chart in three colours showing the percentage of respondents that selected a particular response to the question on US and European equities. 37% said that they thought US equities would remain dominant. 25% said they thought US equities were relatively expensive compared with Europe and expected the imbalance to correct. 31% of respondents said they thought US exceptionalism (economic and stock market outperformance is fading) and they were considering investing (more) in European equities.

“European equities have enjoyed a strong first half of 2025, outperforming the US, both in local currency and in sterling terms. We think the economic momentum unleashed by additional government spending, more probusiness language emanating from regulators especially in the financial space, plus the fact that valuations of European equities are, on average, undemanding, creates the potential for European equities to continue to perform well, although we remain mindful that tariffs have the potential to cause some disruption.1

-Marc Shartz,
Portfolio Manager, European Equities

1Source: LSEG Datastream, at 30 June 2025, the MSCI USA Index was trading on 22 times forward earnings, so more expensive than the 15 times forward earnings for the MSCI Europe ex UK Index. Forward earnings are expected earnings over the coming 12 months according to consensus earnings estimates. There is no guarantee that past trends will continue or forecasts will be realised.

Customer Panel

If you are interested in participating in the Customer Panel Surveys, please email customer.panel@janushenderson.com with your name and email address and we will get in touch with you. Existing members will continue to be included and do not need to reapply. To join the Panel you must be 18 years of age or over and hold an investment directly with Janus Henderson Investors. The survey is conducted a few times each year and participation is voluntary. Please note that your individual responses are confidential and remain anonymous but we may publish the aggregate results from time to time.

The Customer Panel Survey was conducted between 20 June 2025 and 27 June 2025. 264 respondents took part online.



INVESTMENT FOCUS

Issue 33 (Summer 2025)


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These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

 

Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

 

The information in this article does not qualify as an investment recommendation.

 

There is no guarantee that past trends will continue, or forecasts will be realised.

 

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