Market Commentary, February 2026

James Calder, Chief Investment Officer, discusses the outlook for portfolios in 2026 with Tracy Coghill, our Client Experience Manager. Touching on geopolitical issues, macroeconomics and portfolio construction, James highlights key trends and remains cautiously positive on performance. Please note that since this video was recorded, the US Supreme Court ruled the US tariff regime unlawful. In response, President Trump has announced new 10% tariffs on global imports, which will last 150 days. As James comments, President Trump has a track record of backing down from these big statements, but the Research and Investment Management teams are carefully assessing what this latest development means for your portfolio.