Latest News | Global Investment Strategy

08 April 2026

British Steel and the New Rules of State Intervention

This isn’t just a potential bailout, it’s a signal. At first glance, the UK government’s move towards fully nationalising British Steel looks like a familiar story: a struggling industrial asset, mounting losses, and state intervention as a last resort.

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01 April 2026

From Oil to Everything: Understanding Market Transmission in a Fragmenting Macro Regime

Markets do not reprice in response to events. They reprice because of how those events propagate through the system. The recent escalation in Middle East tensions and the resulting disruption to flows through the Strait of Hormuz are a case in point. At face value, this is an energy shock. In reality, it is a multi-channel transmission event with implications that extend well beyond oil.

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25 March 2026

Cash Is Back. But Is It Quietly Losing Value?

Investors are moving back into cash at the fastest pace since the pandemic - a sharp and telling shift in positioning. Recent data shows average cash holdings have risen to 4.3% of assets under management in March, up from 3.4% in February - the largest monthly increase since March 2020. Just weeks earlier, allocations were sitting near record lows at 3.2%, reflecting a far more optimistic outlook

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18 March 2026

Why Oil Still Dominates the Global Economy

Markets often treat energy as just another commodity when in reality; it is something far more fundamental. Every major expansion in civilisation, from the Industrial Revolution to the age of globalisation, has followed the discovery of more concentrated forms of energy. Coal powered industrialisation and oil powered the modern global economy.

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11 March 2026

Markets as Ecosystems: What Evolution and Swarm Behaviour Reveal About Alpha and Crowded Trades

Financial markets are often described as machines governed by models, equilibrium and rational expectations. In practice, however, they behave far more like complex ecosystems. Yet anyone who has traded through a liquidity shock or watched a crowded strategy unwind knows markets rarely behave so neatly.

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04 March 2026

Commodities Are Moving Again: Cyclical Bounce or the Early Stages of Something Bigger?

After several quiet years, commodities are stirring with intent. The Bloomberg Commodity Index has climbed to its highest level since early 2023. Copper is advancing. US natural gas has surged. Agricultural contracts have firmed, and oil has re-entered the spotlight, not quietly, but with geopolitical force.

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