by Marina Gardiner, Research Editor, Elston Consulting
Since the “polycrises” of recent years, we are learning to live with inflation and live with volatility. Ensuring that a portfolio is sensibly allocated and diversified should help to mitigate the adverse effects of political or economic shocks. A properly diversified approach designed to fare reasonably in all market conditions is known as an ‘All-Weather’ strategy. 
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.
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. 
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. 
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.
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.
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