Eben Visser

Our outlook on global developed equities remains constructive. Despite heightened geopolitical tensions – particularly the ongoing Israel-Iran conflict – market fundamentals have shown resilience. Notably, Opec’s decision to increase oil supply has helped ease pressure on energy prices, providing some relief to inflation-sensitive sectors. The US economy continues to demonstrate robust performance, supported by steady consumer spending and a resilient labour market. While concerns initially mounted over Donald Trump’s renewed tariff stance, the anticipated disruption to global trade has thus far been muted. Encouragingly, several nations have begun constructive negotiations, suggesting a more pragmatic path forward. We remain attentive to evolving geopolitical risks and policy developments but continue to favour diversified exposure to quality companies in developed markets, where fundamentals and policy clarity provide a stable backdrop for long-term growth. Risk management and selectivity remain key in this environment of uncertainty and shifting global dynamics.

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