Investment Focus Magazine

2025 was marked by shifting trade policy and divergent central bank paths, but markets proved resilient. In this edition of the magazine, we explore how interest rates, fiscal support and AI-driven investment are shaping the outlook for equities and bonds. Our portfolio managers share their views on where they see opportunities to build resilience and capture returns in an environment defined by uncertainty. We also share your views through our latest Customer Panel Survey and hear from investment teams on how AI adoption, infrastructure investment and valuation discipline creates both risks and opportunity.