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.
A quick take of what's moving markets from Elston's research team from Investment Director Hoshang Daroga CFA.
For UK Professional Investors (Investment Managers and Financial Advisers) only.  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 
What is co-manufacturing, what are custom or tailored model portfolio and what are the risks and benefits?
by Hoshang Daroga CFA, Investment Director, Elston Consulting
Is the AI boom starting to look like a bubble? Elston: related AUM figures
As at end December 2025, there is a total of £2.6bn of assets is invested across strategies designed by Elston Consulting, of which: £2.0bn in Managed Portfolio Service (MPS) managed by Elston Portfolio Management £0.6bn in Funds using Elston's Research and/or Indices MPS Asset breakdown Of the £2.0bn MPS assets: 73% is in co-manufactured custom portfolios 27% is in ready-made off-the-shelf portfolios Fund Asset breakdown Of the £0.6bn in Fund assets: 64% is in active asset allocation funds using Elston Research 36% is in systematic investment strategies using Elston Indices About Elston Elston Consulting is an investment consulting firm established in 2012 supporting UK Financial Advisers. Elston Consulting provides research, analytics and insights to investment managers and financial advisers. Our powerful risk analytics system - Minerva™ - helps quantify different aspects of risk and informs how investment strategies are managed and reported. Elston Consulting consults on approximately £6bn of assets with professional clients including 1) discretionary investment managers providing a Managed Portfolio Service (MPS 2) financial advisers providing their own Advisory Portfolio Service (APS) 3) asset managers managing Collective Investment Schemes (Funds) Elston has a comprehensive set of capabilities to research, design and develop custom multi-asset investment solutions, delivered as Portfolios, Funds and Indices. 
Well it stopped the Europeans talking about Venezuala!
The Trump administration’s geostrategic focus on security for the Western hemisphere, dubbed the “Donroe” doctrine, can be simplified as keeping US interests up in the Americas and Russian/Chinese interests out. |
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