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The performance of global equities in the second quarter of the year was a textbook example of markets climbing a wall of worry. By the beginning of July, the MSCI World index sat above its level on the eve of President Trump’s “Liberation Day” on 2 April.[1] This is despite the highest US tariffs in nearly a century, three simultaneous Middle Eastern conflicts, and direct US strikes on Iran’s nuclear facilities. In more ‘normal’ times, any one of these events might have triggered a surge in oil prices, a stronger dollar, and a sharp equity sell-off. This time, we saw the reverse.

Unexpected outcomes have emerged in Europe too. Intensifying conflict in Ukraine – combined with renewed American pressure to “share the burden” – has prompted European governments to commit to significantly higher defence spending.[2] Ordinarily, such moves would unsettle equity markets and support the dollar. In fact, the euro strengthened while European equities rallied, led by banks, industrials, and defence stocks.

A similarly counterintuitive pattern can be seen in Washington, where President Trump’s tariff programme continues to advance. Current projections suggest the average US tariff rate may settle around 15% or higher – a level not seen since the days of the Smoot-Hawley Act.[3] Yet, rather than focusing on short-term inflationary risks, investors have largely looked through the noise and revised global earnings forecasts upward. Global dividends are projected to rise more than 10% this year, while US share buybacks hit record levels last quarter (Chart 1).

Why are markets rallying?

Why, against one of the most turbulent geopolitical backdrops in a generation, are markets rallying?

Part of the answer lies in shifting perceptions of the Trump White House. Beneath the rhetoric, investors are starting to identify elements of economic logic that appear broadly market-friendly. The US trade deficit, now approaching 5% of GDP, is plainly unsustainable.[4] A moderate tariff regime – particularly one aimed at dismantling informal trade barriers – may yet succeed where other strategies have failed (as you can see in Chart 2, tariff revenues are already climbing). Meanwhile, the inflationary effects of tariffs have yet to show up meaningfully in US data. The Fed’s preferred measure, the Core PCE Deflator, remained steady at 2.7% for May.[5] On the geopolitical front, it may also be argued that US strikes on Iran’s nuclear sites have reduced rather than heightened global risks. The targeted action appears to have delayed uranium enrichment efforts long opposed by Washington, its allies, and Gulf partners. Iranian retaliation was limited – possibly even pre-signalled – and the broader economic fallout has been negligible. At the time of writing, oil prices (WTI) are more than 20% lower than a year ago,[6] while the dollar, which typically strengthens in periods of stress, has fallen by more than 10% this year.[7]

 

Outside the economic sphere, the administration’s immigration policies have also had a measurable impact. Whatever the longer-term debate, illegal border crossings have fallen dramatically – indeed, to near-zero – on both the southern and northern US borders.[8] Compared to the ongoing immigration challenges in Europe and the UK, the White House appears to have delivered its objectives with surprising effectiveness.

Thematic high-quality companies for the long term

Against this backdrop, we have gradually added risk back to portfolios. We lifted our equity exposure back to neutral in late June as earnings forecasts continued to rise. We maintained our underweight to fixed income, particularly in corporate bonds, where spreads remain tight by historical standards. We have also kept our core positions in physical gold, anticipating ongoing central bank buying from China and other BRICs (Brazil, Russia, India, China) members, seeking more ‘security’ for their reserve holdings.

Our main challenge has been a quality bias in our stock selection where we have favoured companies with high returns on equity, low financial leverage, and stable earnings.

While this protective strategy limited drawdowns in the post-tariff sell-off, it also meant that we were slower to capture the strong market recovery of the last two months. While our AI-related technology holdings performed well, our quality tilt left us looking too defensive versus broader market indices.

Looking ahead, however, we expect our high-quality companies to outperform over the full business cycle. Tariffs will not be painless: margins will be squeezed, and US consumers will eventually face higher import costs. Asian economies with large manufacturing surpluses are likely to divert output to Europe, pushing down prices and placing further pressure on profitability. China’s producer prices have been falling for three years meaning deflation in goods price is now entrenched.[9] To protect margins, Western firms will need robust balance sheets and defensible market positions.

Our Security theme

Many of these “quality winners” feature in Sarasin's new Security theme. This theme focuses on industries where competition is structurally constrained. Strategic supply chains –spanning metals, mining, semiconductors, and defence (BAE Systems has been added to our global equity
buy list) – are fast becoming national priorities. Over time, food security (John Deere), energy, and communications infrastructure (recent attacks on undersea cables have triggered protective measures) will also fall under this umbrella. Cybersecurity, too, is vital –Fortinet is widely held, and is a global leader in network IT defence. You can read more about this sector following our analysts’ visit to Silicon Valley on page 20.

In Europe, deeper domestic capital markets are needed to support more autonomous growth. Bank consolidation is likely to accelerate, and national champions, such as ING, will be favoured. More broadly, as government spending rises, yield curves should steepen – supporting bank earnings
globally, benefiting firms like J.P. Morgan.

Climate resilience also fits within our Security framework. As temperatures rise and extreme weather becomes more frequent, the economic cost of inaction is growing. Despite the current US administration’s scepticism, investments in climate-friendly technologies – at the right valuations – form an important part of our portfolio.

Debt and duration: another case for quality

There is another reason to focus on quality: government debt. A decade of low real interest rates has made heavy borrowing all too tempting, particularly in the US, UK and France. Much of this debt has funded social transfers rather than productive infrastructure. In the US, successive administrations have failed to reverse the trend of widening deficits and rising interest costs. Moody’s downgraded America’s credit rating in May,[10] and the President’s “Big Beautiful Bill” is projected to add $3–3.4trn to the national debt over the next decade.[11] In the UK, high debt levels have constrained Chancellor Rachel Reeves between a left-leaning Labour majority that resists spending cuts and a bond market demanding fiscal discipline. On the broadest measure – tax revenue as a share of GDP – the UK has not seen a peacetime burden this high since the late 1940s. The OBR now forecasts it will climb to a new high of 38% by 2027–28.[12]

Enter the bond vigilantes

Rising debt levels imply higher real rates, steeper curves, and the growing influence of bond market “vigilantes”. More indebted economies may struggle to respond to future shocks, as seen during the global financial crisis and the Covid pandemic.

In the US, a bond market shock is becoming increasingly plausible – in response we have cut positions in dollar mandates and introduced some inflation-linked debt, where appropriate. At the time of writing, French 10-year yields were higher than those in Portugal or Spain, and nearing
Italian levels.

This backdrop justifies our continued caution around bonds (indeed my colleague Michael Jervis dives into some of the detail behind our analysis on page 15), and also reinforces the case for gold. In our target return strategies, we also see value in equity protection, particularly while volatility remains low.

Summary

As the Trump administration’s policies evolve – often erratically and noisily – it is becoming clear that some are proving market friendly. His focus is on deregulation, lower energy prices and corporate tax cuts, even if this builds pressure on government Budget deficits further out. His foreign policy, though unconventional, often seeks to reduce rather than amplify risk. Add to this a strong corporate earnings outlook, accelerating dividends, and record share buybacks, and the case for equities remains compelling.

Still, equity valuations are rich, and many of the early movers – particularly in Europe and Asia – have already rallied hard. In this context, we believe portfolios should be built around global security themes, anchored in quality holdings, and structured to withstand any future storm in sovereign debt markets.

[1] https://www.msci.com/www/fact-sheet/msci-world-index/05830501
[2] https://www.consilium.europa.eu/en/press/pressreleases/2025/07/08/council-activates-flexibility-in-eu-fiscal-rulesfor-15-member-states-to-increase-defence-spending/
[3] https://www.cnbc.com/2025/04/03/us-tariff-rates-under-trumpwill-be-higher-than-the-smoot-hawley-levels-from-greatdepression-era.html
[4] https://www.bea.gov/data/intl-trade-investment/internationaltrade-goods-and-services
[5] https://www.bea.gov/data/personal-consumption-expendituresprice-index-excluding-food-and-energy
[6] https://markets.businessinsider.com/commodities/oil-price?type=wti
[7] https://www.marketwatch.com/investing/index/dxy
[8] https://www.cbp.gov/newsroom/national-media-release/cbpreleases-may-2025-monthly-update
[9]https://www.cnbc.com/2025/07/09/china-producer-prices-falljune-biggest-drop-nearly-two-years-deepening-price-warcpi-ppi-nbs.html
[10] https://www.moodys.com/web/en/us/about-us/usrating.html
[11] https://www.reuters.com/legal/government/view-us-houseapproves-trumps-mega-budget-bill-2025-07-03/
[12] https://obr.uk/efo/economic-and-fiscal-outlook-march-2025/


Important information

This document is intended for retail investors and/or private clients in the US only. You should not act or rely on this document but should contact your professional adviser.

This document has been prepared by Sarasin & Partners LLP (“S&P”), a limited liability partnership registered in England and Wales with registered number OC329859, which is authorised and regulated by the UK Financial Conduct Authority with firm reference number 475111 and approved by Sarasin Asset Management Limited (“SAM”), a limited liability company registered in England and Wales with company registration number 01497670, which is authorised and regulated by the UK Financial Conduct Authority with firm reference number 163584 and registered as an Investment Adviser with the US Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940. The information in this document has not been approved or verified by the SEC or by any state securities authority. Registration with the SEC does not imply a certain level of skill or training.

In rendering investment advisory services, SAM may use the resources of its affiliate, S&P, an SEC Exempt Reporting Adviser. S&P is a London-based specialist investment manager. SAM has entered into a Memorandum of Understanding (“MOU”) with S&P to provide advisory resources to clients of SAM. To the extent that S&P provides advisory services in relation to any US clients of SAM pursuant to the MOU, S&P will be subject to the supervision of SAM. S&P and any of its respective employees who provide services to clients of SAM are considered under the MOU to be “associated persons” as defined in the Investment Advisers Act of 1940. S&P manages mutual funds in which SAM may invest its clients’ assets as appropriate. To the extent that SAM is able to exercise proxy voting on behalf of its clients, SAM follows the policy set by S&P. Proxy voting is an operational process dependent upon support from SAM’s clients’ custodians, some of which do not support proxy voting in all or certain markets.

This document has been prepared for marketing and information purposes only and is not a solicitation, or an offer to buy or sell any security. The information on which the material is based has been obtained in good faith, from sources that we believe to be reliable, but we have not independently verified such information and we make no representation or warranty, express or implied, as to its accuracy. All expressions of opinion are subject to change without notice.

This document should not be relied on for accounting, legal or tax advice, or investment recommendations. Reliance should not be placed on the views and information in this material when taking individual investment and/or strategic decisions.

The value of investments and any income derived from them can fall as well as rise and investors may not get back the amount originally invested. If investing in foreign currencies, the return in the investor’s reference currency may increase or decrease as a result of currency fluctuations. Past performance is not a reliable indicator of future results and may not be repeated. Forecasts are not a reliable indicator of future performance. Management fees and expenses are described in SAM’s Form ADV, which is available upon request or at the SEC’s public disclosure website, https://www.adviserinfo.sec.gov/Firm/115788.

Neither Sarasin & Partners LLP, Sarasin Asset Management Limited nor any other member of the J. Safra Sarasin Holding Ltd group accepts any liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this document or any part of its contents. The use of this document should not be regarded as a substitute for the exercise by the recipient of their own judgement.

Where the data in this document comes partially from third-party sources the accuracy, completeness or correctness of the information contained in this publication is not guaranteed, and third-party data is provided without any warranties of any kind. Sarasin & Partners LLP shall have no liability in connection with third-party data.

© 2025 Sarasin Asset Management Limited – all rights reserved. This document can only be distributed or reproduced with permission from Sarasin Asset Management Limited. Please contact [email protected].

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This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South Africa residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

What type of investor are you?

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK resident charities only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue to US persons by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for US persons only and not for distribution to non-US persons. If you are not a US person, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue to US persons by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for US persons who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution to non-US persons and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for South African residents only and not for distribution outside the South Africa. If you are not a South African resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South Africa residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

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