As 2025 progresses, the global investment landscape continues to evolve in profound ways. While uncertainty remains a defining feature of the current environment, it is precisely within this complexity that new opportunities are emerging. This moment calls for clarity, discipline and a long-term perspective — qualities that are essential for identifying value in a world reshaped by structural shifts.

The first half of the year has been marked by a series of macroeconomic and geopolitical developments that have reshaped investor expectations. Tariff shocks, persistent inflation and rising long-term bond yields have disrupted earlier optimism. Yet, these disruptions are not anomalies; they are the result of underlying forces such as deglobalisation, demographic shifts, energy insecurity and political bifurcation. These tectonic changes are redefining the global investment terrain, making it more fragmented and localised.