Q3 2026 market letter
Our quarterly review of markets, positioning and the risks we are watching.
General information only. This article does not constitute investment advice, a recommendation, or an offer or solicitation to buy or sell any investment. Views are as at the date of publication and may change. Capital is at risk.
Markets in the third quarter rewarded a narrow group of large companies, extending a pattern that has run for several years. Narrow leadership makes headline indices look healthier than the typical stock.
We continue to favour businesses whose cash generation is visible today rather than promised later, and we have kept position sizes disciplined where valuations already assume a great deal.
The risks we watch most closely are those that rarely appear in recent data: liquidity in smaller markets, refinancing needs, and policy shifts linked to the energy transition.