Happy New Year! In this note, as in previous years, we reflect briefly on 2025, focusing on several themes frequently raised by investors - most notably concerns around the notion of an AI 'bubble'. The article places the past year's market returns within a longer term historical context. We hope you find the insights and accompanying graphics both informative and useful.

We're pleased to share our latest insight: 'The unseen screening process'. While changes to portfolios may not always be frequent or visible, there is a great deal happening behind the scenes to ensure every investment is thoroughly screened and remains best in class. This note offers a look at the rigorous process and attention to detail that underpin our recommendations, and how this helps position your portfolios for long-term success.

We’re excited to share 'Tune Out the Noise', a documentary directed by Academy Award-winning filmmaker Errol Morris. Tune Out the Noise chronicles a group of academics whose groundbreaking research challenged the status quo, helped usher in a new era for investors, and reshaped the way the world views markets. The film features interviews with Nobel Prize-winning economists, financial professionals, and the brain trust behind Dimensional Fund Advisors.

23 July 2025 The introduction of IHT on pension death benefits from April 2027 has moved a step closer with the publication of draft legislation. There were widespread concerns that the original proposals were complex and would ultimately result in delays in winding-up estates. To address this HMRC have shifted the burden of reporting and paying the IHT on pension death benefits from the scheme administrators to the personal representatives.

Staying calm in turbulent markets - Periods of volatile markets can feel unsettling, especially when the news headlines are shouting loud.

Happy New Year! This note provides a look back at 2024 - a year where markets have been particularly kind - and looks ahead to 2025 and beyond, including some important reminders for investors.