Key Highlights: U.S. equities faced sharp technology and semiconductor volatility, with the S&P 500 recording its first July decline in over a decade. U.S. corporate earnings generally exceeded expectations, with 85% of reported results beating forecasts. Artificial intelligence and cloud infrastructure remained key themes, although results varied across companies. U.S. Treasuries weakened as persistent inflation, elevated energy prices and Federal Reserve uncertainty pushed

Can doing the right thing also lead to better investment outcomes? Increasingly, the evidence suggests that it can. Across financial markets, sustainability and governance are no longer peripheral considerations but have become more central to how investors assess risk, resilience, and long-term value. This shift has been a key driver behind our own journey as a growing discretionary fund manager (DFM) running model portfolio services (MPS), and our recent achievement of B Co

Executive Summary The three core claims of our September 2025 paper have been broadly validated. The yield curve continued steepening. Long-duration bonds extended their real losses. The hard-asset basket, comprising gold, silver, and to some extent Bitcoin, delivered returns that materially outperformed global equities and sterling cash. Gold rose +65% in calendar year 2025, its best annual performance since 1979. Silver rose +147% over the same period. Bitcoin reached $126,

Alpha Beta Partners is delighted to share that we are now a certified B Corp, marking an important milestone in our commitment to balancing purpose with performance.

Key Highlights: June was a stop-and-go month, shaped by the SpaceX stock market launch, the Iran conflict, lower oil and input prices, and rising underlying inflation pressures. Shipping traffic through the Strait of Hormuz resumed, while oil and other key commodity prices moved steadily lower as the route slowly reopened. The S&P 500 closed June near record highs around 7,499, up approximately 9.5% year-to-date, alongside an AI capex boom linked to large technology firms com

The global investment landscape is being reshaped by a fundamental shift in power. For three decades following the Cold War, markets operated within a relatively stable framework defined by US-led global hegemony. Today, that framework is evolving into a more complex and fragmented system, creating both risks and opportunities for investors. From Unipolar Stability to Multipolar Complexity Global hegemony refers to the ability of a single country to shape the rules of the int

Key Highlights: • The S&P 500 rose 5.15% in May, while the Nasdaq gained 10.49%, despite heightened geopolitical tensions in the Middle East and rising crude oil prices. • The tentative US-Iran ceasefire became the key macro driver during May, with its durability expected to shape market direction over the coming quarter. • WTI oil ended near $87, remaining above the $65 pre-conflict level but below the $96 to $100 peak reached during the crisis. • A sustained ceasefire and o

An investment economic regime refers to a period during which the key drivers of economic and market behaviour are broadly stable and consistent. These drivers typically include factors such as inflation, interest rates, growth dynamics, monetary and fiscal policy, and market leadership. While markets are always evolving, regimes describe environments where the dominant forces shaping returns remain relatively persistent. For example, the 1970s were defined by high inflation,

Key Highlights: Geopolitics remained a central driver, with the Middle East conflict raising concerns around energy security, food supply and fertiliser disruption. Food inflation risks remained in focus, with fertiliser disruption linked to Iran and oil trading above $100. U.S. equities delivered a strong April, with the S&P 500 rising approximately 10.4%, the Nasdaq Composite climbing around 15.3%, and the Dow Jones Industrial Average gaining about 7.1%. U.S. market perform

Whether you are a fan of Clarkson’s Farm or not, it has been hard to escape the news coverage highlighting the tough times faced by British farmers in recent years. The war in Iran has created significant delays in fertilisers reaching the world’s major growing regions. This gap between delivery and planting could see a food inflation problem quietly incubating across the globe. A disruption at the Strait of Hormuz has far wider consequences than energy markets alone, and one

For decades, bonds have played a central role in diversified portfolios, providing income, stability and protection during periods of equity market volatility. Traditionally, government bonds in particular have been viewed as reliable safe-haven assets. However, the economic environment that supported this relationship has changed significantly in recent years. Post-pandemic inflation shocks, rising global debt levels and shifting monetary policy dynamics have altered the rol

For decades, the Islamic Revolutionary Guard Corps (IRGC) built its strategic deterrence around the threat of closing the Strait of Hormuz. This narrow waterway carries roughly 21 million barrels of oil and petroleum products per day, representing about one fifth of global consumption and a quarter of all seaborne oil trade. On paper, the ability to disrupt such a critical artery appeared to give Iran a powerful economic shield and a means of forcing concessions during times

Key Highlights: The US–Middle East conflict caused the largest global oil supply disruption on record, with crude prices rising by more than 22% in a single week. The VIX spiked above 35 mid-month before easing as diplomatic signals emerged. US equity markets declined, with the S&P 500 falling 1.74% and the Nasdaq 2.38% on 27 March amid heightened uncertainty. Oil prices moved above $100 per barrel, increasing inflation expectations and weighing on equities. Around 72% of S&P

Dynamic rebalancing versus fixed point rebalancing. Dynamic portfolio rebalancing offers a more responsive and risk‑aware approach than fixed‑date rebalancing. Instead of waiting for a scheduled point in time, dynamic rebalancing adjusts the portfolio whenever / only when asset weights and or portfolio risk drift beyond predefined thresholds. This dynamic approach helps investors maximise gains, limit losses, and maintain their intended risk profile more consistently. It can

Navigating Opportunity Amid Uncertainty The year 2026 has commenced against a backdrop of heightened geopolitical volatility, with markets experiencing sharp fluctuations driven by policy uncertainty, trade tensions, and shifting global power dynamics. Despite this turbulence, we believe the environment is becoming increasingly favourable for emerging markets, commodities, and tangible assets. Investors will need to navigate a series of structural shifts unfolding across econ

In February, the S&P 500 fell 0.87%, even as the equal‑weighted equivalent index rose 3.4%, highlighting the continued importance of market rotation. The ongoing shift between value and growth stocks appears fundamentally supported, and despite recent volatility, there remain several compelling reasons for optimism. Other global markets delivered a solid performance, with commodities and metals doing especially well. At month end, the build-up of U.S. warships in the Mediterr

We have made a solid start to the year, posting gains as the bullish rotations seen in January move into the rear‑view mirror. While there are some risk areas that warrant ongoing monitoring, the relative strength emerging in more cyclical parts of the market raises the prospect of a broadening rally and supports the case for a constructive first half of 2026. US equity markets had a volatile, but ultimately positive January, driven by a mix of strong mega‑cap earnings, Feder

Market Backdrop Markets continue to be influenced by political dynamics, structural realignment, and elevated global debt levels. While these forces can lead to periods of volatility, they also help explain many of the pricing behaviours observed across global markets. Key Drivers Shaping the Investment Landscape With major elections approaching in the US, policy decisions are increasingly focused on delivering economic progress. This has contributed to periods of short-term

We wish you a happy and prosperous 2026. Global investors waited patiently for the year‑end Santa Claus rally to deliver, but it failed to materialise in any meaningful way. Even so, 2025 proved to be a strong year for markets overall and a profitable one for clients in our Alpha Beta portfolios. In the update that follows, we review December’s market dynamics, and we encourage you to read our separate forward‑looking article, The K‑Shaped Conundrum , for deeper insight into

Behind the curves of the K-shaped economy lies a profound transformation. 2026 will be a pivotal year for the United States as it navigates a complex economic and geopolitical landscape. The dual challenge is clear: strengthen Main Street America without triggering destabilising policy shifts, while preserving the wealth effect that underpins U.S. equity markets. At the same time, addressing strategic vulnerabilities. Success in these areas will not only shape market performa