MyMap Quarterly Update Series

MYMAP RANGE

FOR PROFRESSIONAL CLIENTS ONLY

Hello and welcome to our latest portfolio update. The tides have been turning: after a pretty choppy first half of the year, markets started to rise again. This has been great news for our portfolios which have successfully captured that rebound. The question is: where will the winds blow next, and how should we chart the forward course for our portfolios?

When thinking about the answer, we start with pinpointing the major forces we expect to influence markets over the coming 6 to 12 months. We then look for investments likely to benefit from those trends. Right now, we’re positioned to capture three key themes¹:

As in Q3, the first theme is a sunny economic horizon. We’ve been optimistic about global growth all year, and this has added value. While other market participants have been spooked by headlines, our focus on the data has steered us well. Our optimism is buoyed by the fact that companies remain profitable, activity indicators like PMIs are positive, and governments are stimulating their economies. We are conscious of the recent small slowdown in jobs creation, but consumers still look reasonably healthy thanks to wage growth and low unemployment.

To capture this opportunity, we’re maintaining an elevated exposure to equities, which remain the most effective way to benefit from a growing economy. We also like high yield bonds, which tend to perform well when companies are healthy, and inflation and interest rates are elevated.

The second theme is: fundamentals take the helm - the newest theme in portfolios. Last quarter we were focusing on breadth within equities; providing ballast as markets digested changes in US policy direction. That worked really well given the wave of strong returns in the UK, Asia, and Japan. However, as the fog of policy uncertainty starts to clear, markets will once again be driven by fundamentals, and returns will be focused in the strongest companies.

So we’ve boosted exposure to the US – still the premier destination for high quality, highly profitable companies - and Emerging Markets where earnings are strong, and companies look cheap. On the other hand, we have reduced our UK and European equity exposure. Our view is that the ‘catch-up trade’ that we saw earlier in the year has mostly played out.

The third theme is: minding the debt iceberg. We are mindful that rising government borrowing, particularly in the US, could undermine the ability for government bonds, as well as the dollar, to provide support during equity market sell-offs.

To address this, we remain focused on shorter dated bonds and are steering away from the dollar. Additionally, in September we added to our ‘debt diversifiers’: gold and emerging market debt. Gold offers valuable downside protection and has been one of the best performing asset classes this year². While emerging market governments are showing spending restraint and their debt is providing really attractive levels of income.

If you’d like more detail on our outlook, portfolio changes, or performance, check out the latest Quarterly Update—or reach out to your business development manager. Thanks for watching!

¹ There can be no guarantee that the investment strategy can be successful and the value of investments may go down as well as up.
² Source: Bloomberg, 30/09/2025

Disclaimers

Risk Warnings

Investors should refer to the prospectus or offering documentation for the funds full list of risks.

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.

Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.

Fund-specific risks

MyMap 3 Select ESG Fund

Counterparty Risk, Credit Risk, Currency Risk, Equity Risk, Liquidity Risk, ESG Screening

MyMap 8 Select ESG Fund

Counterparty Risk, Credit Risk, Currency Risk, Equity Risk, Liquidity Risk, ESG Screening

MyMap 3