Laurence Boyle

At a portfolio level, our global multi-asset approach remains overweight Equities. We continue to invest across the full market cap spectrum, as well as blending different styles within our equity allocation, currently split 70% to value and 30% to growth. In Fixed Income, we maintain a barbell approach, balancing long-duration government debt with short-duration corporate credit, high yield, and hybrid bonds to navigate varying market conditions and manage both inflation and interest rate risk.

To enhance portfolio diversification, we continue to invest in alternative assets, including infrastructure, gold, and defined return strategies. These provide different sources of alpha and reduce correlations within our portfolios. This multi-faceted approach aims to optimise returns across different market cycles, balancing growth potential with defensive qualities.

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