10 December 2025

In summary:

  • November proved more challenging after a strong Autumn, with the defensive part of the portfolios protecting returns.
  • Market tone improved in the second half of the month as US rate-cut expectations rose, whilst the UK Autumn Budget had a muted impact on bond markets.
  • Looking ahead to 2026, we remain cautiously optimistic and focus on diversified opportunities across global markets.

The value of securities and the income from them can fall as well as rise. Past performance should not be seen as an indicator of future returns. All views expressed are those of the author and should not be considered a recommendation or solicitation to buy or sell any products or securities.

Understanding Finance

Helping clients understand what we do is key to building relationships. To explain some of the industry jargon that creeps into our world, we’ve pulled together a section of our site to help.

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