Fears over a lack of de-escalation in Iran and reservations about whether AI companies can continue their trajectory have led to bond market volatility and worryingly persistent inflation. 

But amid the tumult, stocks and emerging markets have remained surprisingly resilient. 

Joe Little, chief strategist for HSBC Asset Management, sits down with FT Adviser's Simoney Kyriakou to discuss why stocks and EMs have remained impervious to the volatility in the bond markets. Joe and Simoney discuss what's happening with tech stocks and in the AI space and look at why European stocks have remained on pace with US stocks, despite subdued GDP growth. Is Europe emerging as the 'anti-bubble' market? Meanwhile, a falling dollar and rising EM currencies oxygenates the asset class, easing financial conditions and encouraging investors to allocate to EM.

Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management

https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment-views/investment-insights?cid=HBEU:NKJ:BRDFT2026:V0:AMG:L15:FT:XTR:0:XAW:16:0526:001:PODFTUKV61

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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Are bonds becoming attractive again? Can the AI trade continue to drive equity markets? And with concerns over government debt, inflation and geopolitical risk mounting, where can investors still find a safe haven?

Janet Mui, head of market analysis at RBC Brewin Dolphin, joins the Asset Allocator podcast to discuss the outlook for government bonds, equities, artificial intelligence and gold.

Mui explains why elevated government bond yields could persist, why RBC Brewin Dolphin currently prefers government bonds to corporate credit, and what the return of the “bond vigilantes” could mean for governments running large fiscal deficits.

The discussion also turns to equity markets and the AI investment boom. With technology valuations elevated and huge sums being spent on AI infrastructure, Mui considers whether the AI trade can continue to deliver — and why small-cap stocks, the UK and Europe could offer investors ways to diversify their exposure.

Timestamps

00:00 - Bond Market Dynamics

05:02 - Equity Markets and AI

09:53 - The impact of AI on markets

19:58 - Safe Havens & Hedging

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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UK equities may look cheap, but are they cheap for a reason?

Paul O’Neill, chief investment officer at Bentley Reid, joins the Asset Allocator podcast to explain why global investors should “stay away” from the UK market for now – despite seeing genuine valuation opportunities for individual investors and fund managers.

With investment flows remaining negative, the UK market shrinking and small and mid-cap equities facing challenges around liquidity and volatility, O’Neill examines what would need to change before the UK becomes a more compelling allocation for global portfolios.

He also discusses how the UK’s declining weight in global equity benchmarks has changed the way asset allocators approach the market, and why even a significant overweight to UK stocks can have a surprisingly small impact on a global portfolio.

Elsewhere, the conversation explores the investment outlook beyond equities, including what higher bond yields mean for portfolio construction and the growing role of alternative investments.

Timestamps

00:00 - Podcast Intro & Market Overview

03:18 - Bonds, Rates & Equity Strategy

06:14 - UK Equity Opportunities

08:23 - Alternative Investments & Bonds

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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In this episode of Asset Allocator, Patrick O'Donnell, chief investment strategist at Omnis, explains why the ongoing conflict in the Middle East could have long-lasting consequences for global markets, inflation and economic growth.

He discusses the knock-on effects across commodities and supply chains, from energy markets to materials critical for semiconductor production, and explains why rising diesel prices reinforce Omnis' defensive positioning towards cyclical equities.

Patrick also shares where he's finding opportunities in fixed income, why active fund management remains central to Omnis' investment approach, and how policymakers could struggle to balance higher inflation with weaker growth.

Just to note, this is Asset Allocator's last podcast for the summer. We'll return at the beginning of September - see you soon!

Timestamps

00:00 - Intro and macro overview

04:21 - Inflation & Fixed Income Dynamics

07:27 - Market Adjustments & Global Outlook

13:23 - Investment Strategies & Risk

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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Gold is falling when investors expect it to rise. AI stocks are wobbling. So where should investors look next?

FT Adviser Editor-in-Chief Simoney Kyriakou is joined by Joe Little, Chief Strategist at HSBC Asset Management, to unpack the biggest investment questions facing markets. Watch or listen to previous episodes of Asset Allocator here.

They discuss why gold has become more volatile, whether AI valuations are entering bubble territory, how geopolitics and central banks are influencing markets, and why opportunities may be emerging beyond US technology stocks.

Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management

Timestamps

00:00 - Gold Market Analysis

05:09 - Macroeconomic Outlook & Market Trends

11:00 - Technology, Growth & Valuation Concerns

18:19 - Income Opportunities & Diversification

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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Recent activity suggests markets are reconsidering their approach to AI-themed companies, but what's going on exactly? To answer, David Combs, head of multi-asset at Rathbones Asset Management joins Aamina Zafar and David Thorpe on Asset Allocator.

David gives his opinions on the best ways for investors to access the AI revolution right now, as well as looking at how to navigate the increasingly jittery market as bad news, questions of future profitability and much more has many trying to second-guess where the AI trend is going.

Alongside AI, the trio also discuss the US interest rate story. The lingering conflict in the Strait of Hormuz and approaching mid-terms may mean change is coming but what can investors expect? And in the UK, more political change means more uncertainty. But is it perhaps a good time to invest in UK government bonds? David gives his opinion on what the gilts market looks like right now.

Timestamps

00:00 - Is the AI investing landscape shifting?

10:41 - AI and big tech investing risks

12:49 - Will the US raise interest rates this year?

17:24 - Investment Strategies & Diversification

22:06 - The UK gilts outlook

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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With fresh opportunities emerging across equities, fixed income, and alternative assets, where should investors be focusing?

That's the question Asset Allocator's Aamina Zafar and David Thorpe put to Ed Cole, equity strategist at Man Group.

Ed discusses diversification and how inflation may hit portfolios this year, with the things that asset managers need to be aware of when building their portfolio. He also explains his thoughts on fixed income and what a defensive equity allocation currently looks like.

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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Why do professional investors increasingly avoid the phrase "passive investing"?

Dan Caps, portfolio manager at Evelyn Partners, argues that modern index investing is anything but passive. From factor exposures and asset allocation to tactical implementation and disciplined rebalancing, today's portfolios are far more nuanced than many investors realise.

In this episode of Asset Allocator, we explore how index investing has evolved, where managers can still add value and why the future may belong to portfolios that blend active and index approaches.

Timestamps

00:00 - Introduction and what do we call index investing?

06:17 - Asset Allocation & Market Performance

10:33 - Rebalancing & Market Volatility

15:25 - Client Cost & Index Solutions

20:03 - Index Concentration Risks

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AI boom or bubble? Emerging markets comeback? And what do geopolitical shocks mean for investors in 2026? In this episode of the Asset Allocator podcast, FT Adviser editor Simoney Kyriakou sits down with Joe Little, Chief Strategist at HSBC Asset Management, to unpack the forces reshaping global markets.

From geopolitical tensions and commodity volatility to China's manufacturing resurgence and the AI investment frenzy, Joe discusses whether AI stocks are entering bubble territory, why inflation may remain "spiky", and why investors may need to look beyond developed markets for future returns.

Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management

Timestamps

00:00 - Update on markets

00:30 - Economic Shocks & Inflation

04:42 - The AI Boom: Market Impact

09:27 - Emerging & Frontier Markets

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

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Is passive investing making markets more concentrated? Will today's AI winners still exist in a decade? And why might cash be one of the most misunderstood assets in investing?

In this episode of Asset Allocator, Nathan Sweeney, chief investment officer for multi-asset at Marlborough, joins Amina Zafar and David Thorpe to discuss how investing is changing in an era of artificial intelligence, social media and information overload.

Nathan explains why the active versus passive debate remains relevant, why market concentration may not be the threat many investors believe it is, and why access to information is no longer an advantage for fund managers.

He also discusses the rise of AI, the challenge of separating signal from noise, the impact of social media on investor behaviour, and why many investors misunderstand risk, inflation and the role of cash in a portfolio.

The Asset Allocator Podcast discusses the big issues in UK fund selection and how wealth managers are positioning their portfolios. Sign up to the newsletter.

Hosted on Acast. See acast.com/privacy for more information.