Asset Allocator

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182

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Oct 2026

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About the show

Every week the Asset Allocator Podcast discusses the big issues in UK fund selection, the major investment trends of the moment, and exclusive data on how wealth managers are positioning their portfolios. They'll be joined by guests from across the profession to unpick some of these trends. Asset Allocator is a news and analysis service tailored to the needs of UK wealth managers, fund selectors and discretionary fund managers. Our proprietary fund and asset allocation data, compiled using information provided by the UK’s leading DFMs, provide unique insights into the issues that drive investment decisions. To sign up to the free newsletter, click here . Hosted on Acast. See acast.com/privacy for more information.

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October 22, 202616 min

Royal London's Trevor Greetham says commodities a reliable safe haven if there's an equity downturn in 2027

Commodities should serve as a reliable safe haven in the event of an equity downturn next year according to Trevor Greetham, head of multi-asset at Royal London Asset Management , who shared his prediction when he joined this week’s Asset Allocator podcast . Joining Aamina Zafar and David Thorpe, Greetham draws parallels between today's economic environment and the stagflation of the 1970s, explaining why geopolitical tensions, energy prices and commodity shortages could make inflation a persistent challenge for investors. He also questions whether the surge in US corporate earnings, fuelled partly by artificial intelligence investment, data centres and semiconductor spending, is sustainable. With US equity valuations elevated, Greetham makes the case for overlooked opportunities in UK and European stocks, describing the UK stock market as a potentially attractive, inflation-resilient investment. The conversation also explores the changing outlook for government bonds , UK gilt yields and inflation-linked gilts, alongside the role of commodities and gold in protecting multi-asset portfolios. Timestamps: 00:00 - Trevor Greetham on investing and inflation 03:09 - Central banks, interest rates and inflation hedges 04:27 - Where is the value in global equities? 06:29 - UK stocks, commodities and inflation resilience 09:45 - The risks of US stock market concentration 14:04 - How to invest in commodities using ETFs and indices The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

October 15, 202617 min

Are rising bond yields a threat to stock markets?

Government bond yields are approaching five per cent, raising a crucial question for investors: could higher interest rates threaten global stock markets, or are bonds becoming a more attractive investment than equities? In this episode of the Asset Allocator podcast, Simoney Kyriakou is joined by Joe Little, global chief strategist at HSBC Asset Management , to discuss the outlook for bond markets, interest rates, inflation and global equities as investors adjust to a higher-for-longer interest rate environment. With US Treasury yields and UK gilt yields rising, Little examines what's driving the global bond sell-off , why inflation-adjusted yields matter and whether government bonds now offer a compelling alternative to stock market investing. The conversation explores the risks higher bond yields pose to equity valuations, why strong corporate earnings continue to support US and European stocks, and what a sustained rise in borrowing costs could mean for investment portfolios. They also discuss the resilience of the US dollar amid geopolitical uncertainty, the implications for emerging markets including China, India and Brazil, and whether the Federal Reserve, Bank of England and European Central Bank have enough room to respond to inflation without damaging economic growth. Little also explains why central banks may deliver fewer interest rate rises than markets currently expect and how that could create opportunities for bond and equity investors. Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management Timestamps: 00:00 - Why bond yields are rising 05:47 - Can higher bond yields hurt stock markets? 08:54 - Why the US dollar remains strong 13:03 - Are central banks running out of options? 16:17 - Have markets priced in too many rate hikes? The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

October 8, 202617 min

How to build a defensive portfolio as bond yields rise

How should investors build a diversified portfolio when bond yields are rising, inflation remains a risk and the AI boom is reshaping global equity markets? In this episode of the Asset Allocator podcast, Aamina Zafar and David Thorpe are joined by Darius McDermott, managing director of Chelsea Financial Services, to discuss how investors can position portfolios for today's market environment. McDermott explains why higher bond yields can affect equities as well as fixed income, and why traditional geographic diversification may no longer work quite as expected as AI-related stocks become increasingly important across the US, Asia and emerging markets. The conversation explores how investors can diversify beyond the dominant AI theme, including opportunities in UK equities, infrastructure, energy, water and waste, global insurance, private equity and defence. They also discuss what a more defensive portfolio could look like, from short-duration bonds and gilts to cash, gold and lower-beta equities, and why understanding correlations between different assets becomes particularly important during periods of market stress. Plus, McDermott explains why Chelsea Financial Services reduced its exposure to longer-duration gilts and US Treasuries and why higher yields could now make parts of the gilt market increasingly attractive again. 00:00 - How higher bond yields affect equities 04:01 - How to diversify beyond the AI trade 05:53 - How to build a defensive portfolio 08:43 - Can alternatives replace bonds and equities? 12:51 - How Chelsea Financial Services changed their play The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

October 1, 202632 min

Macro factors 'more difficult' to forecast in today's environment, says Keyridge boss

Forecasting macro factors are much more difficult than they were in the past. That’s the view of Jordan Sriharan who joined this week’s Asset Allocator podcast this week. The senior fund manager for multi asset at Keyridge Asset Management warned that predicting the macro environment has become significantly more difficult due to shifting government policies and increased volatility compared to the post-financial crisis era. Speaking with Aamina Zafar and David Thorpe, the trio examine why inflation and interest rates could remain structurally higher, and what that means for asset allocation, portfolio diversification and risk management. Sriharan explains why shorter-duration corporate bonds are becoming increasingly important in fixed-income portfolios , whether long-duration government bonds can still provide protection during market downturns, and where high-yield bonds and emerging market debt fit into portfolios. Timestamps 00:00 - Macro factors more difficult to gauge 03:06 - From efficient supply chains to economic resilience 10:21 - Does the 60/40 portfolio still work? 19:49 - Why emerging market debt looks attractive 22:34 - AI, Big Tech and the outlook for US equities 29:59 - The investment case for UK equities The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

September 24, 202620 min

‘Riskiest’ parts of portfolio investments are performing the best

Higher bond yields are transforming the investment case for fixed income . But with inflation remaining elevated, interest-rate expectations shifting and markets volatile, where are the best opportunities for investors? In this episode of the Asset Allocator podcast , Amina Zafar and David Thorpe are joined by Fahad Hassan, chief investment officer at Albemarle Street Partners, to discuss how investors should approach bonds, equities and portfolio construction in a higher-for-longer interest-rate environment. They examine why shorter-duration government bonds could offer attractive yields without the volatility of longer-dated debt, whether government bonds can still act as a safe haven, and where corporate bonds and high-yield debt fit into portfolios. The conversation also explores what persistent inflation could mean for interest rates and markets, the risks facing the US and European economies, and why strong corporate earnings have continued to support equities despite market turbulence. Timestamps 00:00 - Higher bond yields and new fixed income opportunities 05:14 – Is higher-for-longer inflation here to stay? 11:02 – Could an inflation shock become a growth shock? 15:51 – Are there any safe-haven assets left? The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

September 17, 202616 min

Are we in for an even bigger inflation shock?

Fears over a lack of de-escalation in Iran and reservations about whether AI companies can continue their trajectory have led to bond market volatility and worryingly persistent inflation. But amid the tumult, stocks and emerging markets have remained surprisingly resilient. Joe Little, chief strategist for HSBC Asset Management, sits down with FT Adviser's Simoney Kyriakou to discuss why stocks and EMs have remained impervious to the volatility in the bond markets. Joe and Simoney discuss what's happening with tech stocks and in the AI space and look at why European stocks have remained on pace with US stocks, despite subdued GDP growth. Is Europe emerging as the 'anti-bubble' market? Meanwhile, a falling dollar and rising EM currencies oxygenates the asset class, easing financial conditions and encouraging investors to allocate to EM. Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment-views/investment-insights?cid=HBEU:NKJ:BRDFT2026:V0:AMG:L15:FT:XTR:0:XAW:16:0526:001:PODFTUKV61 The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

September 10, 202625 min

Tech stocks could ‘suffer’ and face a ‘difficult’ time if bond yields continue to rise

Are bonds becoming attractive again? Can the AI trade continue to drive equity markets ? And with concerns over government debt , inflation and geopolitical risk mounting, where can investors still find a safe haven? Janet Mui, head of market analysis at RBC Brewin Dolphin, joins the Asset Allocator podcast to discuss the outlook for government bonds, equities, artificial intelligence and gold. Mui explains why elevated government bond yields could persist, why RBC Brewin Dolphin currently prefers government bonds to corporate credit, and what the return of the “bond vigilantes” could mean for governments running large fiscal deficits. The discussion also turns to equity markets and the AI investment boom . With technology valuations elevated and huge sums being spent on AI infrastructure, Mui considers whether the AI trade can continue to deliver — and why small-cap stocks, the UK and Europe could offer investors ways to diversify their exposure. Timestamps 00:00 - Bond Market Dynamics 05:02 - Equity Markets and AI 09:53 - The impact of AI on markets 19:58 - Safe Havens & Hedging The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

September 3, 202614 min

‘Stay away from UK equities’: where Bentley Reid’s CIO sees opportunities

UK equities may look cheap, but are they cheap for a reason? Paul O’Neill, chief investment officer at Bentley Reid , joins the Asset Allocator podcast to explain why global investors should “stay away” from the UK market for now – despite seeing genuine valuation opportunities for individual investors and fund managers . With investment flows remaining negative, the UK market shrinking and small and mid-cap equities facing challenges around liquidity and volatility, O’Neill examines what would need to change before the UK becomes a more compelling allocation for global portfolios. He also discusses how the UK’s declining weight in global equity benchmarks has changed the way asset allocators approach the market, and why even a significant overweight to UK stocks can have a surprisingly small impact on a global portfolio. Elsewhere, the conversation explores the investment outlook beyond equities, including what higher bond yields mean for portfolio construction and the growing role of alternative investments. Timestamps 00:00 - Podcast Intro & Market Overview 03:18 - Bonds, Rates & Equity Strategy 06:14 - UK Equity Opportunities 08:23 - Alternative Investments & Bonds The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

July 30, 202618 min

How should investors position portfolios as geopolitical tensions reshape markets?

In this episode of Asset Allocator , Patrick O'Donnell, chief investment strategist at Omnis, explains why the ongoing conflict in the Middle East could have long-lasting consequences for global markets , inflation and economic growth. He discusses the knock-on effects across commodities and supply chains, from energy markets to materials critical for semiconductor production, and explains why rising diesel prices reinforce Omnis' defensive positioning towards cyclical equities . Patrick also shares where he's finding opportunities in fixed income, why active fund management remains central to Omnis' investment approach, and how policymakers could struggle to balance higher inflation with weaker growth. Just to note, this is Asset Allocator's last podcast for the summer. We'll return at the beginning of September - see you soon! Timestamps 00:00 - Intro and macro overview 04:21 - Inflation & Fixed Income Dynamics 07:27 - Market Adjustments & Global Outlook 13:23 - Investment Strategies & Risk The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

July 23, 202619 min

Why gold isn't acting like gold and why the AI boom might become a bubble

Gold is falling when investors expect it to rise. AI stocks are wobbling. So where should investors look next? FT Adviser Editor-in-Chief Simoney Kyriakou is joined by Joe Little, Chief Strategist at HSBC Asset Management, to unpack the biggest investment questions facing markets. Watch or listen to previous episodes of Asset Allocator here . They discuss why gold has become more volatile, whether AI valuations are entering bubble territory, how geopolitics and central banks are influencing markets , and why opportunities may be emerging beyond US technology stocks . Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management Timestamps 00:00 - Gold Market Analysis 05:09 - Macroeconomic Outlook & Market Trends 11:00 - Technology, Growth & Valuation Concerns 18:19 - Income Opportunities & Diversification The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter . Hosted on Acast. See acast.com/privacy for more information.

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