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Investment Thinking
Perspectives on markets, portfolios and the ideas shaping our investment decisions.
News, articles and insights should not be considered as advice and when investing you should seek professional advice to make sure it is suitable for your knowledge, experience and personal circumstances. Investments can rise and fall and you may get back less than you put in. All content was considered correct at the time of writing and we are not responsible for any errors, omissions or changes.
Our investment team looks beyond the day-to-day market noise to consider the trends, themes and decisions that matter to long-term investors. Here we share our latest investment notes, market perspectives and thinking on portfolio strategy.
TAM Market Insight : October 2026
Q4 Perspective - Paid to wait.
Growth remains resilient, inflation has returned, and bonds are once again paying investors to be patient. In our Q4 2026 Quarterly Investment Perspective, we explore why higher bond yields, strong corporate earnings and shifting interest rate expectations are creating a very different investment landscape, and how we are positioning port...
TAM Market Insight : September 2026
How Passive Is Passive?
Passive investing sounds simple, but the choices behind it are anything but. We explore the spectrum from index tracking to systematic investing, why even passive portfolios require active decisions, and what this means for the way we manage our Enhanced Passive portfolios.
TAM Market Insight : September 2026
Active or Passive? We Think That’s the Wrong Question
Passive investing continues to challenge active management, but the evidence tells a more nuanced story. We look at where active management can still earn its place, why passive does not remove investment decisions, and why the real question for investors is where they are actually getting value from active management.
TAM Market Insight : August 2026
Who’s really driving?
Passive investing offers efficiency, transparency and lower costs, but even a driverless car needs a destination. Our latest note explores why index investing still requires judgement and how TAM’s Active and Enhanced Passive portfolios combine distinct investment approaches with professional oversight and risk management.
TAM Market Insight : August 2026
The Price Of Money Has Changed
Long-term borrowing costs are rising across major economies, challenging assumptions formed during years of ultra-low interest rates. From the US and UK to France and Japan, bond markets are sending an increasingly similar message. We look at what the changing price of money means for markets, portfolios and TAM’s current positioning.
TAM Market Insight : August 2026
Don’t Chase Every Shot
With markets reaching record highs, investors could be forgiven for thinking they are hitting the skin off the ball. Inspired by his first golf lessons, TAM Europe analyst André looks at why chasing every shot, whether in golf or investing, rarely leads to the best score.
TAM Market Insight : July 2026
Q3 Perspective - The Return of Balance
After years of market returns driven by a narrow group of companies, broader participation across sectors and regions is creating new opportunities for diversified investors. Discover our latest market outlook and how our portfolios are positioned for the months ahead.
TAM Market Insight : July 2026
After the Opening Whistle
The World Cup has moved into the knockout stages, and markets continue to evolve. In this latest Insight note, we revisit an important investment lesson: successful investing is not about reacting to the latest headline, but adapting as the story unfolds.
TAM Market Insight : June 2026
The Opening Whistle
The World Cup has barely kicked off, yet many fans have already chosen their winners. In this latest article, Portfolio Analyst Nimee explores why investors should be equally cautious about mistaking early momentum for certainty, and why patience, diversification and perspective still matter.
TAM Market Insight : June 2026
Crossing Borders
Investment management is increasingly global. Regulation and tax remain highly local. Following a recent visit to TAM Europe in Spain, we explore how advisers are navigating the growing complexity of cross-border investing and why implementation is becoming just as important as investment selection itself.
TAM Market Insight : May 2026
When markets disagree
Bond markets and equity markets are sending very different messages right now. The question for investors is whether one of them is wrong, or whether both are highlighting different parts of an increasingly complex global picture.
TAM Market Insight : May 2026
The Strait and narrow
Recent events around the Strait of Hormuz are a reminder that energy security, supply chains and geopolitics still matter enormously for markets. In this latest investment note, we explore why markets continue to rise despite growing risks, the increasing concentration around AI-related equities, and what this means for portfolio position...
TAM Market Insight : April 2026
A view from Hong Kong
Recent observations from Hong Kong highlight Asia’s continued dynamism, China’s evolving complexity, and why disciplined, selective global investing remains essential. We explore regional opportunity, geopolitical risk, and practical cross-border challenges facing advisers and investors today.
TAM Market Insight : April 2026
Quarterly Investment Perspective – Q2 2026
Our Q2 2026 Investment Perspective outlines our latest view on markets, portfolio positioning and key risks. Following a volatile first quarter, we take a balanced and flexible approach, reflecting both improved opportunities and ongoing uncertainty across global markets.
TAM Market Insight : April 2026
Experience Shapes Expectations
In this latest market update, we reflects on how a decade of quick market recoveries may be shaping investor expectations. Despite ongoing geopolitical tensions, markets have continued to rise, reinforcing the belief that setbacks are temporary The note explores why this may not be a reliable guide to the future and why diversification an...
TAM Market Insight : March 2026
Market Update: So… Who Blinked?
Following last week’s “who blinked” moment, markets have quickly shifted focus to oil prices, inflation and interest rate expectations. Phil discusses what has changed over recent days, why markets have become more volatile, and how portfolios are positioned.
TAM Market Insight : March 2026
Who Blinks First?
Markets have weakened following a sharp escalation in US/Iran tensions. Rising energy prices are beginning to shift inflation expectations and could delay rate cuts. Our cautious positioning, with lower equity exposure and limited duration, is helping to navigate the volatility.
TAM Market Insight : March 2026
Middle East Escalation: Market Perspective
Middle East tensions have escalated and markets have reacted with weaker equities and higher oil. We outline the key risks, including inflation, energy supply and central bank response, and explain how diversified portfolios are positioned to manage volatility calmly and deliberately.
TAM Market Insight : February 2026
Investment Perspective Q1 2026
The 2026 investment landscape is finely balanced, with supportive earnings and policy expectations tempered by elevated valuations and persistent geopolitical risks. TAM portfolios remain cautiously positioned and modestly underweight equities, selective in alternatives, and neutral in fixed income reflecting reduced margin for error but ...
TAM Market Insight : January 2026
A Healthier Kind of Volatility
Markets are becoming more selective. Investors remain engaged, but with greater discipline, as capital rotates away from crowded areas and towards a broader range of opportunities. This environment rewards diversification, valuation awareness, and active decision-making. At TAM, we build globally diversified portfolios designed to navigat...
TAM Market Insight : December 2025
2026 Outlook: From Concentration to Broadening Opportunity
A year-end investment outlook reflecting on the resilience of markets in 2025 and the risks and opportunities shaping 2026. The note explores AI-driven concentration, the case for broader market leadership, and how diversified portfolios are positioned across equities, fixed income, and regions.
TAM Market Insight : December 2025
A Budget for Credibility, Not Transformation
The UK’s Autumn Budget delivered steady policy rather than major reform. Our latest note explains the key measures, the likely impact for UK savers and markets, and why TAM increased its gilt exposure ahead of the announcement.
TAM Market Insight : November 2025
Excuse me Sir, I think your shorts are on fire!
It won’t be lost on many that 2025 has been a gangbusters year for stocks, global equities up nearly 20% in 2025 in dollar terms and that’s including a pretty spicey sell off in April around Trump’s tariffs. If one looks at the rally in the aftermath of that sell off you will see global equities having rallied 33%, almost in a straight li...
TAM Market Insight : November 2025
Discernment Over Cynicism: Seeing Markets for What They Are
Markets have continued to rise this year, bringing talk of bubbles and corrections. But headlines often sound more dramatic than the data suggests. This note from TAM explains why market commentary can be so negative, what history tells us about long-term returns, and how advisers can help clients stay focused on what matters.
TAM Market Insight : October 2025
US Shutdown: Politics Versus Portfolios
The US government has entered another shutdown after lawmakers failed to pass a budget. These events often make headlines, but their impact on markets is usually small and temporary. We look at what this means for investors and why our portfolios remain positioned for the long term.
TAM TALKS - Weekly Update : September 2025
Rate Cuts, Sector Swings, and Europe’s Next Moves
The U.S. Federal Reserve cut interest rates by 25 basis points this week — its first rate cut since December.
TAM Market Insight : September 2025
The Iceberg Principle: Markets Above, Risks Below
Markets have continued to climb in 2025, defying concerns over US growth, inflation and global tensions. Yet like an iceberg, much of the investment story lies beneath the surface. We explain how TAM is managing portfolios to capture the upside while preparing for risks that are less visible.
TAM TALKS - Weekly Update : September 2025
Inflation Peaks, Gold Surges, and Fed Cut Odds Rise
Inflation shows signs of peaking, fueling a surge in gold as investors seek safe havens. At the same time, rising expectations of a Fed rate cut add momentum to shifting market dynamics.
TAM TALKS - Weekly Update : August 2025
Markets Find Relief as Fed Shifts Tone
Political instability, trade tensions, and lower bond yields create a complex environment for investors, acting as both a headwind and a potential support for markets. Solid business activity, however, helps stabilize European markets by providing a counteracting force to these various uncertainties.
TAM TALKS - Weekly Update : August 2025
Markets Walk the Tightrope
Global financial markets navigate a precarious balance between growth and risk, with factors like inflation and geopolitical tensions creating an unstable tightrope. Investors and institutions must carefully move forward, as any misstep could lead to significant market volatility.
TAM TALKS - Weekly Update : August 2025
Tariffs, Rate Cuts, and Resilient Earnings Shape the Week
European corporate earnings show resilience, led by finance and healthcare sectors, despite pressures from tariffs and a strong euro. The BoE's surprise rate cut and easing geopolitical tensions offer some market relief, yet trade-related uncertainty persists due to new U.S. tariffs. Investors are cautious ahead of key economic and politi...
TAM TALKS - Weekly Update : July 2025
The 15% Compromise
Markets welcomed a partial EU–US trade deal, avoiding a full-blown trade war, though a 15% tariff on key EU exports remains. AI optimism and strong US tech earnings—especially from the "Magnificent Seven"—continue to drive market performance despite broader economic disparities. Attention now shifts to China and Russia, with geopolitical ...
TAM TALKS - Weekly Update : July 2025
Strong Earnings Calm Inflation Fears
Positive corporate profit reports are easing concerns about rising inflation, suggesting companies can manage higher costs. This has shifted investor focus to the fundamental strength of businesses, boosting market confidence.
TAM TALKS - Weekly Update : July 2025
The Boy Who Cried Tariff
Last week showed how markets grow numb to constant threats—what once sparked panic now gets little reaction. The media even dubbed this desensitisation the "TACO Trade"—Trump Always Chickens Out.
TAM TALKS - Weekly Update : July 2025
Tariffs, Debt, and No Fear
The trade outlook remains murky as the US tariff pause expires on 9 July. The US is back in hardball mode, but markets seem numb to Trump’s threats and reversals as stocks keep pushing to record highs.
TAM TALKS - Weekly Update : July 2025
Dodging Bullets, For Now
This was a week when everything could’ve gone wrong—but didn’t. Quite the opposite. Israel and Iran agreed to a ceasefire (for now), oil prices fell—easing inflation concerns—and US economic data continues to soften just enough to make rate cuts more likely, without sparking recession fears.
TAM TALKS - Weekly Update : June 2025
TAM Talks - Weekly Update - 24th June 2025
Markets were jolted early Monday after U.S. strikes on Iranian nuclear targets sparked fears of supply disruption.
TAM Market Insight : June 2025
Iran, Israel and the US: Markets on Alert Amid Escalation
Tensions between Iran, Israel, and now the US have escalated, driving oil price volatility and market uncertainty. We explore the military developments, inflation risks, and what they mean for interest rates, investor sentiment, and portfolio positioning.
TAM TALKS - Weekly Update : June 2025
Cooling Prices, Hot Politics
Markets entered the week hoping for calm and got just enough of it—until oil surged late Friday on renewed Middle East tensions.
TAM TALKS - Weekly Update : June 2025
Markets Climb as Musk and Trump Go Full Springer
The largest tax cut in American history—delivered a major plot twist, reigniting concerns over deficits and a ballooning national debt. It also triggered a public fallout between Trump and Elon Musk, playing out in true Jerry Springer Show fashion across social media
TAM Market Insight : June 2025
US Equities: Overvalued, Overloved, or Overlooked?
US equities remain a source of debate, with high valuations and concentration risk raising concern. Yet strong consumer spending, AI-driven innovation, and passive inflows continue to support the market. We explore the risks, the resilience, and where value may still lie.
TAM TALKS - Weekly Update : June 2025
Risk-On—But Keep the Umbrella Handy
There’s no shortage of potential problems—but none have fully materialised. It’s a timely reminder that, amid all the angst, the biggest risk for investors is often being out of the market.
TAM TALKS - Weekly Update : May 2025
Trump Bluffs—Markets Bite
Despite the mantra “never trade on politics”, markets continue to act in haste. Our focus on mitigating volatility remains valid—but just as important is staying alert to behavioural traps. In times like this, clear communication with clients goes a long way.
TAM Market Insight : May 2025
Unpacking the New Playbook: Tariffs, Trade, and the Road Ahead
Whilst recent moves by the US administration have unsettled markets, a tentative de-escalation in US/China relations offers some relief. In this note, our investment team explores what these developments mean for investors, how different regions are responding, and how we are positioning in light of both near-term risks and long-term oppo...
TAM TALKS - Weekly Update : May 2025
Relief rally or false comfort?
The latest market rally can only be described as relief exuberance. The word on the street is still “Trump crashed the markets”—but has he? Global equities have quietly risen in 17 of the last 19 sessions
TAM TALKS - Weekly Update : May 2025
TAM Talks - Weekly Update - 12th May 2025
Markets have been behaving like a swan in recent weeks—calm on the surface, but paddling furiously underneath. Reports that US and Chinese officials were meeting in Switzerland for trade discussions helped lift market sentiment, as investors hoped for tariff de-escalation.
TAM TALKS - Weekly Update : May 2025
TAM Talks – Weekly Update – 6th May 2025
Encouraging news on trade—including a softening in auto tariffs and China waiving its 125% tariffs on some US products—markets were buoyed by strong earnings from Microsoft and Meta.
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 29th April 2025
Yesterday, Spain experienced the worst power blackout in its recent history. we want to reassure our clients that investments remain unaffected and operations at TAM continued as normal.
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 23rd April 2025
Trump wants lower rates and continues to put pressure on Fed Chair Jerome Powell—calling him “Mr. Too Late”
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 16th April 2025
The Trump roller coaster that began on ‘Liberation Day’ saw the S&P 500 rally 5.7% last week—including a nearly 10% surge on Wednesday—after Trump announced a 90-day pause on tariffs and reduced levies for many countries.
TAM TALKS - Weekly Update : April 2025
TAM Talks – Weekly Update – 9th April 2025
The financial world is always shifting, with new developments influencing markets and economies. Here’s our take on some of this week’s noteworthy financial news.
TAM Market Insight : April 2025
Panic Is Not A Strategy
Markets have witnessed the highest volatility since covid and the financial crisis of 2008. In this timely note we discuss having a, and importantly implementing, a long-term plan is vital for investment success and how making panicked decision should be avoided.
TAM Market Insight : April 2025
Tariffs, to escalate or de-escalate, that is the question
Trump’s sweeping new tariffs have reignited global trade tensions. Learn how TAM is positioning portfolios defensively while preparing to capture future opportunities.
TAM TALKS - Weekly Update : April 2025