Our “Top 10 Ideas” publication posits ten of our highest conviction investment ideas. These are implementable ideas, refined from various opportunities we see around the globe and across a range of asset classes.

• Idea #1 - Multi-asset portfolio for a resilient core: This idea remains our top pick as policy risks have pushed the correlation for bonds and gold vs equities into a deeply negative territory. With uncertainty likely to persist in the second half of the year, well-diversified, multi-asset portfolios should do well due to their ability to dampen volatility and enhance risk-adjusted returns
• Idea #2 - Happy hunting for active managers: An increased focus on earnings growth and structural trends like AI present opportunities for active managers in actively picking between winners and losers. Companies will also have to navigate tariffs, with varying degrees of success, providing opportunities for outperformance through active management
• Idea #3 - Expect the unexpected: In 2025, geopolitical shocks have become more frequent and unpredictable. Rather than shying away from uncertainty and losing out on a rising market, we build resilience through alternative asset classes and manage risks through more tailored investments
• Idea #4 - Experience should pay in Private Equity: Private equity firms can leverage their expertise to build resilient portfolios amid economic uncertainties. Growth prospects in tech-driven infrastructure and defence spending offer potential for seasoned and experienced managers to capitalise on trends
• Idea #5 - AI’s power hunger: The newer, more powerful AI models will need significantly more energy, which will further rise as the use cases increase. This rise in energy requirements, along with supporting cooling infrastructure and datacentre construction required for smooth running, provide opportunities for materials, electrical systems and industrials
• Idea #6 - The revival of the yield curve: Falling inflation and cooling labour markets have breathed life into the yield curve, which is now back in positive territory. Amid concerns about the scale of the US fiscal deficit, investors are getting even more yields for taking on longer duration US Treasuries. And as policy rates fall further, curve should steepen further, which should particularly benefit banks and fixed income investors
• Idea #7 - Asia with a domestic focus: Amid tariff uncertainties from the US, we focus on domestic resilience in Asia through the industry “champions” and “titans”. Domestic consumption remains a priority for policy makers too, and they are using stimulus and subsidies to provide boost to the rising middle class. Companies in the e-commerce, digital payments, and renewable energy sectors can be the biggest beneficiaries
• Idea #8 - Europe doubles down on infrastructure: H2 2025 should provide growth opportunities for Europe’s infrastructure. There are a number of initiatives for more government spending, from carved out infrastructure funding in Germany to the NextGenerationEU fund - which should boost demand for construction, engineering and capital goods, as well as energy transition and digital upgrades
• Idea #9 - Credit barbell strategy: Tight credit spreads suggest fixed income returns this year would be driven dominantly by interest rate outlook. As we expect the volatility to persist but the global economy to remain resilient, we take a barbell approach and pair higher grade investment bonds with the higher returns private credit for attractive returns while managing volatility
• Idea #10 - Riding rate cuts in the UK: Both cyclically and structurally, the market is more hawkish than us on rate cuts in the UK. A modest growth outlook and a lower-than-expected end point for rate cuts draw us towards attractive gilt yields and high-quality bonds. Lower policy rates will also open up opportunities across more rate sensitive equities

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