Recent events have been a reminder than even the most carefully considered assumptions can be upended by events. Conflict in the Middle East, a redrawing of the tariff regime and uncertainty around which business models are most at threat because of AI adoption have disrupted interest rates, energy prices and economic growth projections.
Fund managers cannot hope to shape their portfolios around this noise – it is too unpredictable and changeable. In this type of environment, we have three main defences: stock selection, diversification and income. These three lodestars kept Murray International on track in 2025 and continue to be its focus in 2026.
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