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Investment update
Q3 2026
Following strong performance in August, global equities paused in September and ended the month slightly lower. Renewed geopolitical concerns and a continued rise in bond yields offset the positive tailwind from strong corporate earnings. The Governed Portfolios continued to maintain a positive tactical position on equities amid continued corporate earnings strength and resilient economic data. Looking ahead, central bank rate hikes are likely to act as a headwind to the global economy. However, monetary policy acts with ‘long and variable lags’, meaning markets can remain resilient until the impact of tighter policy feeds through to the economy.
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