Investment perspectives: September 26
This month’s Investment Perspectives features our Head of Asset Allocation and Market Insight, Matt Brennan, considering where to find the second-round beneficiaries of AI. Meanwhile, Mithesh Varsani, Head of Investment Solutions takes a closer look at OEICs and ETFs, and what advisers might want to consider when it comes to client options.
And, with the publication of our latest Responsible Investment & Stewardship report, we explore systems-level stewardship and what advisers should look for when assessing investment manager approaches.
We also feature our August market review as well as third-party contributions on market concentration, dynamics driving demand for silver, and an exploration of US microcaps.
Global investment market review: August 2026
During August 2026, the MSCI ACWI Index, a representative measure of global equities across developed and emerging markets, added 1.9%...
OEICs versus ETFs
ETFs have become one of the investment industry’s biggest growth stories. Low charges, defined index exposure and intraday dealing make...
Second wave: Where does the next AI opportunity lie?
The potential for AI to bring about a sea change in ways of living and working has led to soaring...
Why stewardship needs to look beyond individual companies
Responsible investment and stewardship is often associated with company engagement on environmental, social and governance (ESG) issues, such as encouraging...
Think you're diversified? Look again
As global markets become more concentrated, investors may need to look beneath fund labels to understand what is really driving...
Are US Micro-Caps the market’s best kept secret?
Even with a triple-digit positive return off the April 2025 low, many investors seem unaware of this target-rich, broad, and...
Silver, AI and next-generation demand
Ned Naylor-Leyland, Chris Mahoney and Joe Lunn discuss silver mine supply and demand dynamics, and the potential impact of the...
Investment perspectives: August 26
In Investment perspectives this month, Mithesh Varsani, Head of Investment Solutions looks at the importance of understanding sequencing risk and longevity risk in decumulation strategies and how managing these can help advisers deliver a balance between growth and income sustainability.
We also consider how infrastructure can contribute to diversified multi-asset portfolios and look at the key trade-offs advisers need to weigh up. Meanwhile Matt Brennan, Head of Asset Allocation, discusses market concentration and the opportunities and risks it can bring.
We also feature our July market review plus third-party contributions on multi-asset investing, the need to look beyond AI, and the costs of waiting to invest.
Global investment market review: July 2026
During July 2026, the MSCI ACWI Index, a representative measure of global equities across developed and emerging markets, declined 1.3%....
Sequencing risk and longevity risk
For many clients, retirement is no longer a brief period after work. It can be a multi-decade phase of life,...
Infrastructure in multi-asset portfolios
Over the past decade, advisers have increasingly broadened their investment toolkit beyond traditional equities and bonds.
Market concentration: What does it mean for equity markets?
Market concentration is one of the key characteristics of today’s equity markets. In the US, the ten largest companies account...
Why the 60/40 debate misses the bigger picture
Recent market volatility and shifting asset class correlations have prompted a familiar question: can the traditional 60/40 equity–bond portfolio still...
The cost of waiting for certainty
Why investors may be better served by deliberate diversification and flexibility than waiting for certainty in today’s unsettled markets.
There’s more to growth than AI
For many of the past several years, investor enthusiasm has been concentrated in a narrow group of AI-related and technology...
Investment perspectives: July 26
In this edition of Investment Perspectives, Matt Brennan, Head of Asset Allocation, takes a closer look at bonds, how they work in multi-asset portfolios, and what investors need to consider.
With changes to the cash ISA ahead, Mithesh Varsani, Head of Investment Solutions, explores the opportunity this presents for new client conversations. In that same vein, we review the latest Scottish Widows research into investor attitudes to responsible investing and how this presents a chance for advisers to add value to existing clients and future prospects.
In addition, we feature our Q2 market review and Q3 outlook, as well as third-party contributions on the benefits of AI, updated views on market fundamentals, and a deeper look at Asian equities.
Global investment market review: Q2 2026
Over the second quarter of 2026, the MSCI ACWI Index, a representative measure of global equities across developed and emerging...
Shorter-term market outlook: Q2 2026
Though we manage funds for the long term, here are our thoughts on markets as we look forward over the...
Responsible investing – what retail investor attitudes could mean for advisers
New Scottish Widows research into more than 2,000 UK retail investors and first-time investment considerers suggests that many clients now...
Beyond the Cash ISA changes: helping clients rethink the role of cash
The announced reduction in the annual Cash ISA allowance from £20,000 to £12,000 for under-65s from April 2027 has brought...
Bonds aren’t what they used to be. Or are they?
Bonds have traditionally been a source of defensiveness, predictable income flow, portfolio diversification, and some capital appreciation for conventional well-balanced...
Asian equities need more than a good story
Everyone loves a good story, and almost nowhere more so than in Asian equities, where investors are drawn to themes...
Multi-Asset: Boring is still beautiful for the second half of 2026
Looking ahead to the next six months, Richard Bernstein, Global Head of Macro & Customized Investing, explains why it may...
Beyond hype: AI benefits taking shape
A recent research-driven investment trip by Columbia Threadneedle Investments reinforced how AI is delivering real efficiency and productivity gains –...
Investment perspectives: June 26
In this edition of Investment Perspectives, Matt Brennan, Head of Asset Allocation, explores the record-breaking SpaceX IPO and why not all IPOs soar to such heights.
We consider how emerging EMEA markets can help advisers broaden their portfolio diversification. And turning to AI and its intensive resource use, we look at what companies and investors should consider int terms of decarbonisation planning.
In addition, we feature a May market review and third-party contributions on the changing US market, find value in India, and why monthly rebalancing can be an adviser’s competitive edge.
Global investment market review: May 2026
In May, the MSCI ACWI Index, a representative measure of global equities across developed and emerging markets, added 6% in...
Emerging EMEA: the overlooked diversifier?
Global equity investing has become increasingly concentrated in recent years, with the strength of US markets – particularly large-cap technology...
Watch this Space: An IPO for the ages?
In the wake of the SpaceX IPO (initial public offering) in June – the biggest in history – Matt Brennan,...
AI energy and resource use
As AI drives up electricity demand, companies and investors face tough questions: are net zero plans adapting to the reality...
Beneath the surface, the US market is changing
Royce Investment Partners: Co-CIO Francis Gannon looks at how recent performance may be subtly announcing a turning point in market...
Why monthly rebalancing is your competitive edge
Here's a question for your practice: how often are your clients' portfolios being realigned? If the answer is ‘quarterly’ or...
India’s quality, at a discount
Avinash Vazirani and Colin Croft set out why their approach to finding reasonably priced stocks has important lessons for active...
Investment perspectives: May 26
In this edition of Investment Perspectives, Matt Brennan, Head of Asset Allocation, takes a timely look at inflation and the influence of energy costs on price rises.
We consider the role commodities can play in multi-asset portfolios and how the Iran war has driven different outcomes across energy, metals and agriculture, underlining the importance of careful allocation. And we take a look at the advantages and disadvantages of the Asia Pacific ex Japan region for investors.
In addition, we feature our April market review and third-party contributions on Asian fixed income, multi-asset investing, and the importance of investment processes.
Global investment market review: April 2026
In April, the MSCI ACWI Index, a representative measure of global equities across developed and emerging markets, added 6.9% in...
Unlocking diversification and growth opportunities
The Asia Pacific ex Japan region has emerged as an important element of some multi-asset portfolios. Incorporating Asia Pacific ex...
Energy and inflation
In this article, Matt Brennan, Head of Asset Allocation, considers the different types of inflation and the influence of energy...
Considering commodities in multi-asset portfolios
Commodities can seem like a specialist area of the market, but they tend to come into sharper focus when inflation,...
Why the time is right for multi-asset investing
Multi-asset investing is all about diversification. Diversification – sometimes referred to as the only free lunch in finance – embeds...
The resilience of Asian fixed income
Confronted with ongoing geopolitical tensions, we believe Asia’s fundamental strengths should underpin the resilience of its fixed income markets. Supported...
When markets test conviction, trust the process
In highly volatile markets the pressure to act can be overwhelming. A disciplined investment process helps resist costly reactions.
Investment perspectives: April 26
In this edition, we review Q1 market performance and look ahead to Q2 trends, we also explores energy security and investment risk, highlighting how portfolios can build resilience, explain why AI‑related companies are driving equity markets and examine why the Middle East crisis hasn’t derailed the emerging market recovery, despite ongoing tensions.
Global investment market review: Q1 2026
Over the first quarter of 2026, the MSCI ACWI Index, a representative measure of global equities across developed and emerging...
Global investment market outlook: Q2 2026
Despite the pullback in March because of the conflict in Iran, we believe equities remain relatively fully valued. In our...
Why AI-related companies are driving equity markets
Artificial intelligence (AI) has moved rapidly from a niche technology theme to a material driver of equity market performance. In...
Developed equity market allocations
In this article, we look at the attributes of developed market (DM) equities and consider the pros and cons of...
Energy security and investment risk
Recent geopolitical developments have placed energy security at the centre of policy discussions across Europe and beyond. Previously, energy security...
Steadying the course: The role of smoothed funds in navigating volatility
Many clients may feel anxious when confronted with market volatility, which can lead to hasty decisions about their investment portfolios....
Why the Middle East crisis hasn’t derailed the emerging market recovery
As markets digested the impact of the first waves of conflict in Iran, the focus quickly moved onto energy and...
Happy Birthday, MSCI World!
The MSCI World Index, launched on 31 March 1986, has, over four decades, been one of the most important and...
Investment perspectives: March 26
Global investment market review: Feb 26
In February, the MSCI ACWI Index, a representative measure of global equities across developed and emerging markets, rose 3.4% in...
Beyond the ten at the top
Eva Cairns, Head of Responsible Investment, explores why good governance depends on more than just a proactive board, and contends...
Paying dividends
Albert Einstein reputedly referred to compound interest as `the 8th wonder of the world'. Equity dividend reinvestment has a similar...
REITs or direct property funds?
Explore the differences between REITs and direct property funds, including liquidity, volatility, income and how advisers use them in multi‑asset...
Understanding gold and its role in portfolios
Gold has surged to record highs amid geopolitical tension and rising reserve demand. Discover what’s driving the rally and how...
Why Emerging Market Equities now?
Discover what’s driving renewed strength in emerging market equities, the outlook for 2026, and where opportunities may lie across regions...
Is AI really behind a global hiring slowdown?
AI is widely blamed for the global hiring slowdown, but the data tells a different story. Explore the real drivers...
Investment perspectives: February 26
In this edition of Investment Perspectives we discover how global markets performed in January 2026. We also have an article from Mithesh Varsani Head of Investment Solutions at Scottish Widows who takes a look at Modern multi-asset portfolios and rise of alternative investments.
We also feature Heather Coulson Head of Portfolio Management and Implementation, Scottish Widows who takes a look at the longer-term impact of geopolitical tensions on markets.
Market volatility in the wake of conflict in the Middle East
We’ve seen market fluctuations on the back of unfolding news in the Middle East, we believe it is important for...
Global investment market review: January 2026 – performance & highlights
Discover how global markets performed in January 2026. This review covers key data across equities
Modern multi-asset portfolios: The rise of alternative investments
Explore how alternative investments are being used within modern multi‑asset portfolios to improve diversification, resilience and risk‑adjusted returns.
Emerging market debt: A useful tool for multi-asset portfolio diversification
We run through the types of emerging market debt (EMD) and discuss the pros and cons of having the asset...
Longer-term impact of geopolitical tensions on markets
Geopolitical tensions have dominated headlines in early 2026, from US-Europe tariff threats to developments involving Iran, Venezuela and the Arctic...
DeepSeek one year on: separating fundamentals from noise
One year after DeepSeek’s launch, assess China’s AI momentum, market sentiment and what has genuinely changed for investors.
Absolute return: why discipline matters in today’s market
After a decade defined by ultra low rates, markets have shifted decisively into a new regime. The cost of money...
How likely is a recession in 2026?
2025 was a strong year for investors across major markets. But it was also a year where talk of recession...
Investment perspectives: January 26
We kick 2026 off with an article from Matt Brennan, Head of Asset Allocation, looking at what the year ahead could mean for investment markets. Meanwhile, our Head of Portfolio Management, Heather Coulson, shares her thoughts on the key areas to watch out for in 2026.
We also look at the hidden costs of investing and how you can manage and reduce those costs for your clients. And our Head of Responsible Investment, Eva Cairns, considers the key responsible investment trends for 2026 and how you can navigate them.
In addition, we feature our Q4 market update and third-party contributions on China’s franchising landscape, the importance of considering physical climate risks, and how the AI economy could play out.
Global investment market review: Q4 2025 – performance & highlights
The MSCI ACWI Index, a representative measure of global equities across developed and emerging markets, increased 3.4% over the fourth...
2026 Outlook: Keeping a weather eye upon markets
Sunny skies or cloudy with a chance of rain? Matt Brennan, Head of Asset Allocation at Scottish Widows, considers some...
Investment Outlook 2026 – areas we’re watching
In this short film, our Head of Portfolio Management, Heather Coulson, shares her thoughts on the year ahead and the...
Uncovering the hidden costs of investing – and how to limit them for your clients
When managing money for clients, the focus is of course on portfolio performance and resultant financial returns. Yet fund transaction...
Responsible investment trends for 2026
As we enter 2026 following a year of increased polarisation for sustainable finance, the responsible investment landscape continues to evolve...
Follow the smart money franchises: Why China’s best franchise models will define its economic future
As China rebalances toward a service-driven model of growth, franchising may become one of the country’s most consequential institutional innovations...
Why physical climate risk demands investor attention
For years, investors have focused on climate transition risk – policy shifts, regulatory changes and technological disruption. But the story...
AI economic scenarios: revolutionary growth, or recessionary bubble?
Investors’ focus into 2026 is turning increasingly to AI-related risk: is it a stock market bubble that is about burst,...
Investment perspectives: December 25
We round off the year with a look at what’s happened in markets and economies across the course of 2025, while our Head of Responsible Investment, Eva Cairns, considers the global energy transition and how that is playing out for investors.
We also feature our November market review and third-party contributions on rare earth minerals, AI, and the issues facing advisers in 2026.
Global investment market review: November 2025 – performance & highlights
Discover how global markets performed in November 2025. This review covers key data across equities
Rolling back the year: A review of 2025
Review the key market trends of 2025 - from trade tensions and interest rate shifts to AI-driven equity gains –...
The changing global energy mix: implications for economies, opportunities for investors
The global energy mix is shifting. In this article, Eva Cairns, Head of Responsible Investment, review what that transformation looks...
All the market wants for Christmas is AI ROI
AI investment is soaring, but where’s the return? Explore how monetisation is emerging across the tech stack – from LLMs...
How to invest in rare earths without getting your hands dirty
Discover smart ways to invest in rare earths without direct mining exposure – from strategic metals to banks benefiting from...
The big issues facing advisers in 2026
Explore the key challenges and opportunities for financial advisers in 2026 – from rising tax liabilities and evolving advice models...