The closing session of IMpower FundForum 2026 in Monaco asked how leading multi-asset CIOs manage uncertainty when politics trumps economics, and whether the traditional 60/40 portfolio still deserves its place. Four allocators took the stage: Rémi Lambert of BNP Paribas Asset Management, Piers Hillier of Jupiter Asset Management, Demir Bektic of Commerzbank Wealth and Asset Management, and Henry Cobbe, founder and head of research at Elston Consulting. Luke Hyde-Smith, Head of Multi-Asset at W1M moderated the discussion. The discussion was held under the Chatham House Rule.
Henry Cobbe CFA, Head of Research at Elston Consulting discusses why and how retail investors are being attracted to the SpaceX IPO and what the key considerations are
Henry Cobbe CFA, Head of Research at Elston Consulting outlines whether and how index providers, fund managers and portfolio managers are preparing for the the SpaceX IPO
Markets have been shaken by geopolitical tensions, rising inflation risks, and shifting interest rate expectations. In this Market Update, we break down the impact of the 2026 Gulf conflict, the potential oil supply shock, and what it all means for bonds, equities, and portfolio strategy.
Founder and Head of Research, Henry Cobbe CFA explores these topics in our latest monthly market views. For UK Professional Investors (Investment Managers and Financial Advisers) only. 
Renewed political leadership chaos combined with persistent concerns around whether UK government debt levels are sustainable in the long-term has sent Sterling lower and UK Gilt yields higher.
This article looks at the dynamic nature of bond market volatility. What it means for portfolio construction. And how short-run measures help spot the canary in the coalmine.
The traditional 60/40 balanced portfolio is facing a structural breakdown as resurgent inflation and soaring government debt turn nominal bonds into an unsafe asset class. When asset correlations rise and real returns turn negative, traditional diversification methods fail to protect client outcomes. Discover the three strategic levers asset allocators must pull to reinvent their bond allocations and build true all-weather portfolio resilience.
Contrary to the old adage, when it comes to investing, desperate times do not necessarily call for desperate measures. In fact, far from it. Ensuring that a portfolio is sensibly allocated and diversified should help to mitigate the adverse effects of political or economic shocks such that the knee-jerk reaction to get out of the market can be resisted: an ‘All-Weather’ strategy.
When constructing multi-asset portfolios for DFMs and advisory firms, our process at Elston begins with four primary categories: equities, fixed income, cash & equivalents, and alternatives. We classify any investment that falls outside the first three groups as an alternative. The fundamental motivation for including this category is diversification so it is essential that we verify that the holdings in question are actually fulfilling that role. 
Higher inflation means lower real returns on bonds. UK gilt yields look attractive on paper, but once you strip out inflation expectations, investors are getting less than 1% in real terms. For some, that's reason enough to look beyond the traditional 60/40 portfolio.
When inflation is on the rise, nominal assets such as Cash and traditional Bonds (Gilts and Corporate Bonds), lose their real (inflation-adjusted) value.
The face value of the coupon they pay every 6 months, and the promise to repay the holder a face value of £100 in 10, 20 or 30 years time, looks increasingly less valuable than the paper its written on. Bonds and Cash cannot adjust for inflation. That’s why a £5 note buys you less than it did 10 or twenty years ago. 
By Henry Cobbe CFA, Head of Research at Elston Consulting.
Elston Consulting provides asset allocation insights and fund research to UK-based investment managers and financial advisers as support to their investment committees. For UK investment managers and financial advisers only In this article we explore the Iran conflict’s impact on the economy and the stock market. In a related article we explore why Trump started the war with Iran.
In this video, we explore how the recent Iran conflict is creating a new oil and energy shock — and what that means for the global economy and investment markets
In this video, we break down the rapidly evolving Iran–US conflict and explore how a major geopolitical shock has unfolded with far‑reaching consequences for global stability and financial markets.
by Henry Cobbe CFA, Head of Research, Elston Consulting
by Henry Cobbe CFA, Head of Research, Elston Consulting
When we read the financial news, much of the commentary is around what is impacting different sectors. A commodities rally is good for Materials sector. Higher interest rates are bad for the Real Estate sector. Consumer Staples fare better during recessions. Rising oil prices is positive for the Energy sector. And of course valuations being stretched in the Technology sector. And so on. Yet when it comes to asset allocation, financial advisers and discretionary investment managers are anchored into countries/regions and try to get a look-through sector perspective as an afterthought. This is paradoxical. 
How to ensure portfolio resilience
We explored this topic in our recent CPD webinar - within and across each asset class. But given recent geopolitical events, it makes sense to look under the bonnet of the VT Avastra Global Diversified Assets fund (which we consult to), to consider what alternative asset class exposures can act as the best shock-absorbers to 1) structural change from AI, 2) rising geopolitical tensions in the Gulf and 3) the debasement trade. For these, we turn to what we have named the "COGs" for a portfolio - Copper, Oil and Gold. 
The US broke off negotiations with Iran and together with Israel launched a series of massive strikes against Iran with the aim of decapitating the regime, neturalising air defences and naval assets, and laying the groundwork to enable a popular uprising against a degraded regime.
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