Elevated uncertainty

February 2026

Uncertainty is elevated in markets — around the trajectory of AI and technology spending, the durability of US exceptionalism, the sustainability of global debt, and now conflict in the Middle East.

The human cost of war is always profound. In markets, however, periods like this serve as a reminder of risk. Holding a portfolio of unleveraged, reasonably priced, dividend-paying companies remains, in our view, as sensible a way to navigate volatile markets as any.

You can find our usual factsheet here.