Q2 Market Commentary Video 2025

William Marshall, Chief Investment Officer, shares the main themes from Q2 2025.

Watch our second quarterly market update video where William Marshall chats through

• Q2 was a wild journey with President Trump’s Liberation Day tariff announcements leading to a sharp drop in equity and bond markets.
• The tensions in the Middle East affected oil prices, bonds and equities.

Looking forward

1. A challenging economic growth outlook persists, as does uncertainty surrounding growth
2. Equities not cheap relative to history, but continue to offer a liquid, low-cost strategic route to growth markets; so will continue to form a notable proportion of any portfolio seeking growth
3. Credit spreads i.e. addition return you get from buying corporate debt remain low, suggesting a need to focus on quality when buying corporate dent
4. Government bonds likely to see high issuance and potentially higher inflation, but they are now paying yield that is higher than we’ve seen for most of the past 15 years which makes them more attractive than they’ve been for a number of years.