1、1Quarterly Equities and Multi Asset Outlook|Q2 2025Q2 2025Quarterly Equities and Multi Asset Outlook Dispersing the herdMarketing Communication.For Professional Investors only.2 2 2The value of investments will fluctuate,which will cause prices to fall as well as rise and you may not get back the or

2、iginal amount you invested.Wherever mentioned,past performance is not a guide to future performance.The views expressed in this document should not be taken as a recommendation,advice or forecast and they should not be considered as a recommendation to purchase or sell any particular security.Conten

3、tsCIO foreword.4Multi Asset.8Global.10Impact.12Thematic Technology.14UK.16Japan.18Asia Pacific ex Japan.20Emerging Markets.22Global Research.24Convertibles.26Quarterly Equities and Multi Asset Outlook|Q2 20253Quarterly Equities and Multi Asset Outlook|Q2 20253In this environment,taking broad market

4、positions or trying to time events appears foolish,as we contend with the unidirectionality of tariff decisions and increased market velocity.Yet many attempt to do so.If tariffs dont get reversed,or at least mitigated,the negative sentiment on equity and credit markets is likely to be reprised.When

5、 the macro is uncertain,focus on company-specific fundamentals.While US exceptionalism is alive,in the form of strong intellectual capital,deep capital markets,and a culture that fosters entrepreneurship,the markets traditional belief in theUS being a safe haven is being challenged.We are living thr

6、ough a near-term world economic disorder,which is likely to lead to a new long-term world economic order.There still is no alternative that would warrant completely divesting from the US,but there are options todiversify our portfolios and build in resilience.Dispersing the herd4Quarterly Equities a