Investing

Geopolitical risk returns as markets weigh Iran escalation, energy disruption and central bank caution following U.S. attacks on nuclear sites.

With traditional market dynamics breaking down and foreign holdings of U.S. assets at record highs, US fund houses Doubleline Capital and Pimco both warn that investors can no longer rely on the old dollar playbook.

The tariffs announced by President Trump are accelerating an already ongoing reshoring trend. Companies are being forced to revise their strategies—and so are investors. Intermediaries stand to benefit, as do warehouse providers. According to Christoph Berger of DNCA (Luxembourg), investors would do well to focus on countries gaining ground in the reorganization of supply chains, but without letting import tariffs be their sole guide.

University endowment funds in the U.S. are offloading private equity stakes as tax hikes loom. They frame it as strategic, but industry voices increasingly suspect disappointing returns are forcing their hand.

Luxembourg is gradually carving out a role in global private markets, not with fanfare, but through quiet, deliberate action. Emerging investor relations roles, a growing presence of single family offices, and a measured push to localise fundraising are reshaping its identity beyond its traditional middle-office roots.

Quintet Private Bank is increasing its exposure to Japanese equities as part of its global strategy for the second half of 2025.

Diversification remains the cornerstone of asset allocation, investment strategists agreed at Investment Officer’s Portfolio Day, as volatility upends assumptions about safe assets.

There’s an 82 percent chance the 10-year Treasury yield will exceed 7 percent before the end of the decade, according to Joe Davis, global chief economist at Vanguard. The odds of yields topping 9 percent? One in five.

Continuation funds face mounting criticism over self-dealing and inflated valuations. Private equity specialists however see reality as more nuanced.

Dividend investors are bracing for potential fallout from Section 899, a provision in Donald Trump’s proposed One Big, Beautiful Bill Act that could sharply raise US withholding taxes on dividends and interest income.