In this quarter’s edition

In this quarter’s edition, we focus on three key themes we believe will shape market outcomes and client deci­sion-making in the months ahead. First, the rise of AI and the growing concentration of market leadership – a powerful force creating both innovation tailwinds and fragility risks. Second, the evolving role of safe-haven assets in a world where traditional anchors are being tested by shifting monetary regimes and geopolitical uncertainty, as seen by recent events in the Middle East. And third, a fresh look at valuations through our fair-value framework, helping us assess where markets may be mis-priced against fundamentals.

Together, these themes highlight both the opportunities we see across the global landscape, as well as the risks we are actively managing on behalf of our customers. Finally, we pull these together in our capital markets philosophy and outlook, anchored in long-standing investment principles, supported by continuous inno­vation and a commitment to developing solutions that meet investors’ needs in a changing world.

I hope the insights in this edition provide clarity and inspi­ration, and spark new conversations about what enduring investment stewardship means for you and your clients.

This content has been prepared by the Life Investment Office (LIO) for information purposes only and does not contain or constitute investment advice.