Alastair Clark

We continue to have more in equities and less in bonds in our shorter-term tactical asset allocation. We think the US will continue to perform well. Trump's policies will favour the US but also earnings growth is higher and more resilient than in other developed equity markets.

We also have more in Europe. Global ex-US equities have discounted a lot of disruption ahead. We tend to think Trump will prioritise US growth over a trade war and Europe could perform well in 2025 if Trump tariffs prove not as severe.

We've recently added more to Asia equities. Some countries such as Taiwan were a winner from Trump's policies last time and export demand is decent.