The Sharpe End

Bond markets are back on the agenda this month, but with a European focus as rising debt and borrowing costs across the region prompt investors to question how long some countries can continue kicking the can down the road. Next, the team turn to the consumer, where artificial intelligence is beginning to change how people discover, compare and buy products. Could AI agents prove to be truly revolutionary? Finally, our stock spotlight is on Advantest, a Japanese business that plays a vital role in the AI ecosystem yet remains little known.

This podcast was recorded on 6 October 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:
David Coombs, Head of Multi-Asset Investments
Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds
Hannah Kennedy, Assistant Portfolio Manager – Multi Asset
Rahab Paracha, Sustainable Multi-Asset Investment Specialist
Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

Government bond yields are rising across several major economies, prompting fresh debate among the team about inflation, growth and the path for interest rates. They then turn to the telecom sector, where new technology and competition are shaking up an historically sleepy and ‘defensive’ corner of the market. Finally, this month's stock spotlight is HDFC Bank, one of India's leading private sector banks and a business at the heart of one of the world's fastest-growing major economies.

This podcast was recorded on 9 September 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:

David Coombs, Head of Multi-Asset Investments

Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

Hannah Kennedy, Assistant Portfolio Manager – Multi Asset

Rahab Paracha, Sustainable Multi-Asset Investment Specialist

Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

A month into Andy Burnham’s tenure as Prime Minister, the team are asking what he could possibly do to turn the UK economy and stock market around. Next, we explore the rally in software stocks, as improving growth expectations reignite enthusiasm for some names in the sector that many had written off just a year ago. Finally, this month’s stock spotlight is Intel – a company that helped build the modern technology industry and is now attempting an ambitious turnaround as a crucial beneficiary of the broad AI infrastructure build-out.

This podcast was recorded on 12 August 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:
David Coombs, Head of Multi-Asset Investments
Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds
Hannah Kennedy, Assistant Portfolio Manager – Multi Asset
Rahab Paracha, Sustainable Multi-Asset Investment Specialist
Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

A month into Kevin Warsh's tenure as the closely watched Fed Chair, investors are debating whether this is simply a change of personnel or the start of a new era for US monetary policy. Next, the team turn to AI, after a sharp sell-off in the mega-cap hyperscalers amid growing scrutiny of the sustainability of their spending. Finally, this month’s stock spotlight is Amer Sports – a name that might not be familiar, but who owns brands such as Arc’teryx and Salomon that are certainly growing in popularity?

This podcast was recorded on 8 July 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:
David Coombs, Head of Multi-Asset Investments
Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds
Hannah Kennedy, Assistant Portfolio Manager – Multi Asset
Rahab Paracha, Sustainable Multi-Asset Investment Specialist
Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

Stocks have held up well on the surface so far this year, but it’s been an extremely narrow market, driven by a handful of mega-cap hyperscalers and AI enablers. Yet after a wild week or so, that has flipped – could momentum be starting to turn the other way? Next, they move on to the aerospace and defence sector, where the technology-focused names are leaving more traditional players trailing in their contrails. Finally, this month's stock spotlight reaches for the stars as SpaceX prepares for what promises to be a blockbuster IPO. Is this a rocket ship that investors should be looking to board?

This podcast was recorded on 10 June 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:
David Coombs, Head of Multi-Asset Investments
Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds
Hannah Kennedy, Assistant Portfolio Manager – Multi Asset
Rahab Paracha, Sustainable Multi-Asset Investment Specialist
Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

South Korea has leapfrogged the UK to become the world’s eighth-largest equity market, prompting the team to consider the implications for geographic allocation within portfolios. Next, to mark the five-year anniversary of our sustainable multi-asset portfolios, we reflect on how sentiment toward renewable energy has evolved and how the rise of AI has fundamentally reshaped global power demand. Finally, we shine a spotlight on Veralto, a US-based water-treatment and quality-control business.

This podcast was recorded on 6 May 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:

David Coombs, Head of Multi-Asset Investments

Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank

Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

Hannah Kennedy, Assistant Portfolio Manager – Multi Asset

Rahab Paracha, Sustainable Multi-Asset Investment Specialist

Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

With headlines and tweets about the Middle East continuing to come in hot, the team cover what's changed and what's not. Their focus then shifts to commodities – energy, metals and everything in between – before wrapping up with this month's stock spotlight: HSBC, a household name and a new addition to the portfolios.

This podcast was recorded on 14 April 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:
David Coombs, Head of Multi-Asset Investments
Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds
Hannah Kennedy, Assistant Portfolio Manager – Multi Asset
Rahab Paracha, Sustainable Multi-Asset Investment Specialist
Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

As the conflict continues in the Middle East, the team discusses whether they are making any changes to their portfolios in response to the big moves they're seeing in markets. Next on the agenda is the software sector: once-loved, but where sentiment has since soured. Finally, the stock spotlight of the month is Singapore Telecommunications, one of Asia's largest telecom operators that's evolved well beyond a traditional phone company.

This podcast was recorded on 10 March 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:

David Coombs, Head of Multi-Asset Investments

Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

Hannah Kennedy, Portfolio Management Assistant – Multi Asset

Rahab Paracha, Sustainable Multi-Asset Investment Specialist

Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

Geopolitics remains front and centre this month, as the team unpack President Trump’s push to acquire Greenland, and what America’s renewed focus on energy security and re-shoring could mean for global markets and the funds. The conversation then turns to the industrials sector - an eclectic mix of companies increasingly buoyed by the AI boom and their growing role in data centre infrastructure - where the team see compelling opportunities. Finally, they discuss their recent purchase of medical technology business Stryker, a dominant force in the US orthopaedics and neurotechnology market.

This podcast was recorded on 28 January 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:

David Coombs, Head of Multi-Asset Investments

Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

Hannah Kennedy, Portfolio Management Assistant – Multi Asset

Rahab Paracha, Sustainable Multi-Asset Investment Specialist

Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.

As the calendar page turns to 2026, the team discuss what the year ahead could hold. Will the new year bring about any changes or is it business as usual? A midnight raid to abduct a Venezuelan strongman is certainly a new tactic for the US, but is President Trump’s underlying aim still the same? Next on the agenda is China: Will its strong stock market performance of 2025 continue, or will China’s ongoing macroeconomic challenges dampen spirits? Finally, sticking to the China theme, the team discuss Alibaba, an e-commerce giant and a relatively new addition to the funds.

This podcast was recorded on 7 January 2026.

If during this podcast the team reference any terms you're unfamiliar with, please see our glossary www.rathbonesam.com/glossary-of-terms-and-faqs which will provide an explanation.

Rathbones multi-asset investing team:

David Coombs, Head of Multi-Asset Investments

Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds

Hannah Kennedy, Portfolio Management Assistant – Multi Asset

Rahab Paracha, Sustainable Multi-Asset Investment Specialist

Emma Letheren, Multi-Asset Equity Research Analyst

About Rathbones:

Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.

This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.