Welcome to the latest edition of the Angles & Perspectives - Q4 2025

In this edition, we discuss how our process leads us to construct portfolios that are able to do well in a variety of market conditions. Head of Research Kevin Cousins discusses the shortcomings of forecasts, and our preference when navigating an uncertain macro environment. Chief Investment Officer John Gilchrist shares how our stock selection positions our portfolios to excel in a variety of scenarios, while Fund Manager Marc Beckenstrater asks whether large, global managers are really best positioned to deliver performance to investors. Finally, Fund Manager Duayne le Roux highlights that despite a softening interest rate environment, inflation-linked bonds can make an attractive addition to fixed income portfolios.