Ben Kumar

Over the next 12 months, we expect: Economic growth to be positive but slowing as rate rises and political uncertainty weigh on confidence. We wouldn't be surprised to see US GDP growth at 2%, rather than 2.8%, for example. But 2% ain't bad! We'd also expect to see investors re-engage with businesses outside the tech sector – which probably means looking further afield than the United States.

We're sticking to diversification. Spreading our allocations widely before there's a reason to do so – because by then, it will be too late. So despite the scary headlines, we've seen no reason to cut equity allocations – neutral's just fine. And we haven't felt the need to suddenly sell all of our US tech stocks, because we've been diversifying away from them for some time. The first few months of 2025 have made us look like smart short-term asset allocators – but really, this is a long-term process that's just starting to play out.

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