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

After a strong run for risk assets so far this year, we are beginning to see isolated pockets of stress, or as JP Morgan CEO Jamie Dimon termed it "cockroaches." The most newsworthy issue has been First Brands Group who recently filed for bankruptcy protection after its use of 'off-balance sheet finance' caused the company to collapse. First Brands in fact used the same type of off-balance sheet wizardry that led to the implosion of Greensill Capital and we hope it goes witho