After an arduous process President Trump has nominated former Federal Reserve Governor Kevin Warsh to take on the reigns of the Fed in May; when Jerome Powell's term ends. We anticipate an initially dovish Warsh to take the helm but his hawkish past moderates fears of Trump interfering materially with the central bank's independence for the time being. We can therefore anticipate looser monetary policy and lower interest rates in the short-term; a boon for bonds. Credit typic

Despite the many global problems of 2025, I am pleased to announce that the performance of all the portfolios we manage was extremely successful with all beating their benchmarks. They have also beaten the performance of the Pimco Total return Fund. With the continuing war in Ukraine, the ever-changing Trump tariffs, the Israeli-Hamas war, global inflation still proving sticky, and now the Venezuelan situation, making investment choices difficult, we will continue to hold bro

November delivered the second, and much delayed, Labour government budget in the UK. After a series of errors, both forced and unforced, markets were apprehensive of what Rachel Reeves might announce in what was a shambolic period of leaks before the event. However, markets are placated for the time being with the spread of 10-year UK Gilts over US Treasury's stabilising close to 45bps; despite a historic precedent of trading on lower yields prior to interest rate rises post