2023 - The Journey So Far and the Road Ahead

June 2023

In this article, I wanted to address some of our advisers’ questions about the year to date and consider the outlook for the next 6 months, so I have:

• assessed the impact of the tumultuous start to 2023 on markets and the response of those controlling economic policy

• given our view of what the key economic indicators suggest might be to come in the next six months and where inflation and interest rates are headed

• answered questions about how we are positioning portfolios and when our strategy is likely to change

Whilst we are cautiously optimistic, the recent deployment of an army of mercenaries in Russia demonstrates that we are currently living in a fast-moving world where the outlook changes rapidly.