1st May 2026
The Strait and narrow
With developments in the Middle East continuing to shift the balance of power, and Brent crude trading at $113 per barrel, one might reasonably expect markets to be treading with caution. Yet, as many clients will have seen from recent portfolio returns, markets have largely looked through the conflict. US equities, in particular, have quietly returned to all-time highs, doing so with remarkably little fanfare. What, until recently, appeared to be a faltering bull case for mega cap technology and artificial intelligence has reasserted itself as the central engine of this rally. Semiconductor indices have risen over 30% since the...
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April 2026 | Investment Team
Monthly Investment Outlook Apr26
Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Francis Banzon-Scally, Portfolio Manager Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Daniel Babington, Portfolio Manager Monthly market and portfolio review Daniel Babington, Portfolio Manager
Read the Full NoteMarch 2026 | Investment Team
Monthly Investment Outlook Mar26
Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Francis Banzon-Scally, Portfolio Manager Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Daniel Babington, Portfolio Manager Monthly market and portfolio review Daniel Babington, Portfolio Manager
Read the Full NoteFebruary 2026 | Investment Team
Monthly Investment Outlook Feb26
Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Francis Banzon-Scally, Portfolio Manager Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Daniel Babington, Portfolio Manager Monthly market and portfolio review Daniel Babington, Portfolio Manager
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11 March 2026 | Daniel Babington
Volatility is a Feature, Not a Bug
As the conflict in the Middle-East has escalated, March is proving a period defined by fear and uncertainty. In the absence of wisdom as to how this conflict will unfold, I believe it best to assess it through the eyes of an investor in stock, bond and commodity markets. Market falls like this can feel exceptional in the moment, particularly when they are tied to such troubling developments. But while the cause of each sell-off is different, the pattern of investor reaction is often familiar. For that reason, it can be helpful to step back and view the current move...
Read the Full NoteJanuary 2026 | Investment Team
Monthly Investment Outlook Jan26
Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Francis Banzon-Scally, Portfolio Manager Monthly market and portfolio review James Penny, Chief Investment Officer Monthly market and portfolio review Daniel Babington, Portfolio Manager Monthly market and portfolio review Daniel Babington, Portfolio Manager
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03 March 2026 | James Penny
Geopolitical Escalation in the Middle East – How are TAM’s clients positioned?
The Middle East region has, as of Saturday, entered a fast-moving and more dangerous phase following joint US and Israeli strikes against Iran. The campaign has been presented by President Trump as an effort to force a decisive shift in Iranian leadership and security posture, while Iran has responded with retaliatory action across the region and threats against US interests and partners. A pivotal development has been the death of Iran’s supreme leader, Ayatollah Ali Khamenei, which Iranian state media has reported was caused by the initial wave of strikes. While the escalation is severe, it was not wholly unexpected...
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23 January 2026 | James Penny
A Healthier Kind of Volatility
It looks like markets have been going through somewhat of a sea change in January in terms of both investment leadership but also geopolitics. Agreed, we have seen plenty of geopolitical turmoil over the last year but the market has taken much of it in its stride to continue to advance higher. What many might have missed is a slow deterioration in bullishness which has shown up in investor surveys. Looking closer, managers are still bullish on equities and increasing their allocation to stocks but increasingly less enthusiastic about doing so. Interestingly investors, despite this deterioration, remain overweight and, on...
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20 January 2026 | Dan Babington
Value vs Growth Stocks: A One-Sided Boxing Match?
Have you ever wondered what one of TAM’s Investment Committee meetings looks like? Often, reaching a consensus takes much back and forth and sometimes it can feel like a bit of a boxing match. So, true to form we wanted to bring you our latest match up. In this note, framed as a classic head-to-head bout, Dan Babington, TAM’s Portfolio Manager and TAM’s Independent Macroeconomist, Alex Dryden look to determine whether growth or value investing will reign supreme in the years to come. This note was originally published on Alex’s macro blog Financial Fables. For weekly market insight you can...
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