Eben Visser

We remain broadly bullish on risky assets, with a pronounced overweight in US equities. We are watching closely for signs that the US economy is weakening; rising jobless claims, slowing retail sales or deteriorating consumer confidence could prompt us to dial back US exposure. 

Inflation and tariff pressures remain key risk factors shining a light on the Fed’s stance on interest rates. However, US megacap stocks are still proving resilient, with earnings continuing to beat expectations.

Emerging markets have delivered solid performance in 2025 so far, driven by attractive valuations, earnings momentum and a weaker US dollar. Central banks in many EM countries are now in or entering easing cycles, aided by disinflation trends and stimulus measures.

In Q4, we’ll be watching US economic indicators for signs of fatigue, and yield-enhancing opportunities in emerging markets.

Given the backdrop, we favour keeping diversified exposure, with selective overweight in quality US names, ready to shift if macro data turns more adverse.

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