Ensuring portfolio resilience begins with recognising the shifting macroeconomic backdrop and understanding how different asset classes respond under stress. Dispersion has become a defining feature—across regions, sectors, and asset types—so a one‑size‑fits‑all approach no longer suffices. Instead, resilience requires a dynamic assessment of risk, correlation, and forward‑looking inflation and productivity expectations. The core idea is to construct portfolios that are not only diversified in name but diversified in behaviour, particularly in periods of market strain when correlations can spike unexpectedly. This means focusing on selective equity exposure, balancing duration and real yields in fixed income, and embedding genuinely diversifying assets and strategies that behave differently in different market regimes.
The US equity market dominates market-cap weighted indices. A market-cap weighted approach results in a concentration in the tech sector. Whilst this has helped US equity performance historically, it has held it back - in relative terms in 2025. So where should investors allocate if they wish to diversify away from the US?
A bloody start to the year
The beginning of the year saw pro-regime change protestors being brutally and lethally crushed. Trump threatened Iran with intervention if the crackdown didn’t stop leading to an uneasy truce. 
Are equity markets in an AI bubble? Is AI a bubble? These questions crop up everywhere – from client meetings to magazine covers – and reflect a broad sense of unease. When people ask about “bubble trouble,” what they really want to know is whether markets have become dangerously detached from reality. Here’s how we at Elston think about it: what the data shows, what history suggests, and – crucially – what we’re actually doing in portfolios.
by Henry Cobbe CFA, Head of Research, Elston Consulting
In our 2026 Outlook, we noted that in December markets were pricing just one rate cut in 2026. We were concerned that giving the signals of slowing economic growth, the Bank of England Monetary Policy Committee may be obliged to do more, more quickly. 
We look forward to welcoming you to this CISI-endorsed CPD webinar on ensuring portfolio resilience.
We look forward to welcoming you to this CISI-endorsed CPD webinar on integrating a Smoothed Fund into a model portfolio context.
We look forward to welcoming you to this CISI-endorsed CPD webinar on integrating a Smoothed Fund in to a model portfolio context.
The adoption of AI tools is accelerating rapidly.
Which companies are the winners and which are the losers from the AI revolution? The Debasement Trade: A Narrative
One of the big themes that has quietly but steadily emerged over the last twelve months is what market watchers have come to call the debasement trade. It didn’t begin with any single dramatic event; rather, it built slowly from ideas that long pre‑dated today’s political headlines. Even before Trump returned to power, one of his advisers had laid out the blueprint in a paper dubbed the “Mar-a-Largo Accord” - a proposal centred around a coordinated dollar devaluation aimed at making the American rust belt competitive again.  Thank you so much to all the UK advisers who voted for us in these upcoming awards!
We are delighted that Elston Portfolio Management - which powers both our ready-made and Custom MPS services - is on the shortlist in each of the 6 categories announced today.... Best Reporting Best Value for Money Most Satisfactory Investment Outcome Best Communication Best Retirement Proposition Most Useful Digital Interface You can see the full shortlist here. 
When it comes to selecting building blocks for the construction of a diversified portfolio, equity income funds are worthy of investors’ attention. There are a number of ways to invest for income: cash (via a savings account), money market funds and bonds, to name a few. But equity income strategies can potentially offer higher returns than other income investments by accepting volatility associated with equity risk.
 Read the Citywire MPS Allocators featuring Hoshang Daroga 1Q26 Outlook views:
https://citywire.com/wealth-manager/special-reports/mps-allocators-2026-q1?cw=outlooks&page=hoshang-daroga |
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