Discover our key themes for Autumn 2025

THIS VIDEO IS MARKETING MATERIAL

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

We’ve entered the last three months of 2025 at an inflection point — navigating global growth risks, rising pressures on government budgets, and evolving geopolitics. After a year marked by shifting narratives, investor sentiment has steadied as clarity around policy and company earnings improves. Three distinct trends are shaping portfolio positioning — and they define our key investment themes for the final months of the year.

Firstly, we see potential opportunities for growth in developed market companies with strong financial health, specifically in the US tech sector. The US economy has remained resilient despite changes in trade policy, and the start of the US Federal Reserve’s interest rate cutting cycle could be positive for US stocks. Tech firms have continued to benefit from growing adoption of artificial intelligence (AI), they are investing heavily in long-term assets, which we see as a strong signal of business confidence in the sector.

Secondly, elevated uncertainty is leading investors to seek stable sources of income. We see potential opportunity in UK corporate bonds, where interest levels, or ‘yields’, remain elevated – and above those offered by their US and European counterparts. UK corporate bonds have also been less volatile than government bonds this year, making us more comfortable with this area of the UK bond market as we head into the UK Autumn Budget in late November, which could cause some short-term volatility in UK stocks and bonds.

This brings us to our third theme, which focuses on gold as a potential hedge against geopolitical risk. While prices may not keep rising at the same pace, we think any possible downside moves should be cushioned by persistent demand for gold from central banks. We see this central bank demand as a structural trend – complemented by strong appetite from professional and retail investors. Lastly, even though gold prices appear high, once adjusted for inflation, they’re still below past records — showing gold’s enduring ability to hold its value over time. Factors that could challenge our positive view on gold include a stronger US dollar or a significant easing in geopolitical tensions, and we see gold as a smaller holding in portfolios to play the role of diversification rather than as a significant long-term growth opportunity.

For more on these three themes, see our latest report, Turning views into action.

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Risk Warnings

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

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