Our July Roadmap sets out our market views for the second half of the year and into 2025.  The very strong equity market returns in the first half owe much to a small number of US megacap companies. We expect more subdued returns in the second half given higher valuations and slower economic growth, although market expectations of moderate rate cuts are likely to be supportive. Political risk is likely to be unusually high in the coming months, and we have increased gold holdings and implemented equity options hedges to provide some protection against higher downside tail risk probabilities.

Read the full Investment Roadmap here.