October saw a broad equity rally led by AI megacaps; non-US gains were muted in USD terms, and bond returns were driven more by FX than falling yields. Softer US labor/inflation set up a rate cut and QT halt, while a limited US–China truce eased select tech/tariff curbs; China stayed weak and in deflation, Japan rose on looser-policy hopes, and the UK advanced on cooler inflation and lower gilt yields. The AI infrastructure boom intensified, lifting record market caps and stoking concentration/froth worries. Now, AI-led capex plus easier policy should support U.S. growth, but tariff pass-through, uncertain AI returns, private-credit risks, and debt sustainability cloud the outlook. With elevated valuations and rate cuts largely priced in, downside-surprise risk is high, and a consolidation is likely, warranting near-term caution. Medium term, the backdrop remains constructive—add risk selectively and patiently.
| Portfolios | Share Class | |||||||
| A, B & C | D | E | H | I | J | L | R | |
Momentum Harmony Portfolios |
||||||||
| Global Balanced USD | A, B & C | D | E | H | ||||
| Global Balanced GBP (Hedged) | E | |||||||
| Global Balanced AUD (Hedged) | E | |||||||
| Global Balanced JPY | E | |||||||
| Global Growth USD | A, B & C | D | E | H | ||||
| Global Growth GBP (Hedged) | E | |||||||
| Global Growth EUR (Hedged) | E | |||||||
| Global Growth AUD (Hedged) | E | |||||||
| Global Growth JPY | E | |||||||
| Sterling Balanced | A, B & C | D | E | H | J | |||
| Sterling Growth | A, B & C | D | E | H | J | |||
| Cautious Income USD (Acc) | D | E | H | |||||
| Cautious Income USD (Dist) | A & B | D | ||||||
| Cautious Income GBP (Dist) | A | D | ||||||
| Cautious Income GBP (Acc) | E | J | ||||||
| Cautious Income EUR (Acc) | A, B & C | D | E | |||||
| Cautious Income AUD (Acc) | E | |||||||
| Europe Growth *** | A, B & C | D | E | H | ||||
| AUD Growth | A, B & C | D | E | H | J | |||
| Asian Growth | A, B & C | D | E | H | J | |||
Momentum Global Funds |
||||||||
| Global Equity USD | A, B & C | D | H | I | J | R | ||
| Global Equity GBP | A | H | ||||||
| Global Equity AUD | A | |||||||
| Global Fixed Income ** | A | I | ||||||
| Real Assets Growth & Income Fund GBP (Acc) * | A | L | ||||||
| Real Assets Growth & Income Fund GBP * | R | |||||||
Curate Investment |
||||||||
| Sustainable Equity USD | A, B & C | D | H | |||||
| Sustainable Equity GBP | A, B & C | H | ||||||
| Sustainable Equity AUD | A & B | |||||||
| Emerging Markets Equity USD | A | I | ||||||
* August 2025
** September 2025
*** July 2025