Fahad Hassan

Global markets delivered sharply contrasting returns in November, with US indices reaching new highs while other regions struggled with mounting economic and political challenges.

Looking forward to 2025, fixed income markets continue to offer attractive returns for conservative portfolios while maintaining their diversification benefits. We maintain a disciplined approach to risk management, particularly regarding high-yield bond exposure where valuations have become more challenging.

Similarly, while Japanese equities have performed well, we remain vigilant regarding yen vulnerability and associated risks. While maintaining our constructive outlook, we remain vigilant regarding potential risks and continue to emphasise portfolio diversification and systematic risk management in our allocation decisions.