Newsletter – November 2025

This month we unpack what a tariff is, and some of the ways we manage portfolios during uncertain times like this.

This month we showcase NVIDIA, which has returned over 300% since it was added to our Californian global equity manager, Fisher’s portfolio, in July 2021.

This month our theme is discussing the surge in artificial intelligence (AI) investment and how this has contributed to robust returns in global equity markets.

Our theme this month is Californian based Fisher Investments. As one of our specialist international investment managers, Fisher Investments play an important role in many of our funds, complementing our broader global equity exposures.

This issue explains recency bias, a phenomenon whereby investors let short-term performance influence their decisions, and ways to counter this, instead seeing the silver lining in market volatility.