March has been a rather long and hectic month not just in terms of workload but also due to the ongoing geo-political situation. Since the joint US and Israeli strikes on Iran on 28th February, we have faced soaring oil prices and persistent market volatility. With no clear exit strategy, investors remain nervous.

The investment landscape has changed significantly. One fund manager recently shared that while his career began with decisions based on technical data and analysis, he now finds himself monitoring Truth Social for indications of policy direction. The traditional “quiet weekend” has been replaced by the risk of late-night social media updates from the US President that can pivot global markets come Monday morning.

Despite a consensus that Iran needs to de-escalate to alleviate the economic pain felt by its regime and populace, and that US troops on the ground would be highly risky with no guarantee of success, both sides continue to match each other’s threats. Just last night President Trump seemed to suggest that the war would continue for another couple of weeks.

Oil and gas price rises have continued to rise over the past few weeks. Brent crude oil was 63.3% higher for the month, the largest monthly percentage rise on record over recent decades.

The markets remain understandably pre-occupied by the Middle Eastern conflict, and specifically the impact on energy prices. This could also affect inflation expectations leading to central banks possibly raising interest rates.

You can now choose whether you would prefer that your investment income be taxed at the flat tax rate or at your marginal rate. Previously by ticking the box 2OP on the tax declaration, your interest, dividends and capital gains would be subject to your marginal rate and not the flat tax of 31.4%. This choice was irreversible even if the taxpayer later realised that it was not beneficial. As from next year, taxpayers will be able to change this option. However, for income received in 2025 and declared in 2026 this does not apply.

The thresholds for micro-entreprises will increase for income earned in 2026, 2027 and 2028 to €203,100 for Micro-BICS for sales of goods and holiday rentals and to €83,600 for other micro-BICs (furnished rentals, services and arts) and for micro-BNC businesses. However, the threshold remains at €15,000 for “meublé de tourisme non classé”.

After a strong start to 2026, gold’s “safe haven” status is being called into question. Traditionally seen as a less volatile asset class that can hold its value in times of crisis, hedging against equity market falls, since the conflict escalated in March, gold prices have fallen steadily. In France, there are two types of tax on gold, either a 11.5% on the sale price or at 36.2% on the gain with tapered relief based on the duration of ownership and full exemption after 22 years.

After the Easter weekend I will be back at work but then will take the second week of the school holidays to spend time with family. If you have any questions about your finances or taxes in France, please do get in touch to arrange a free, no obligation, phone call or meeting.

A simple guide to key terms used in cross-border estate planning

Understanding inheritance terminology can be challenging, particularly when dealing with assets in both the UK and Spain.

Differences in legal systems, tax rules, and administrative processes can cause confusion for individuals and families managing cross-border estates. This guide is designed for UK nationals living in Spain, Spanish residents with UK assets, and anyone involved in administering an estate that falls under both jurisdictions. It explains commonly used inheritance and probate terms in clear language to help you better understand the process and make informed decisions.

Will

A written document prepared before a person’s death that sets out their instructions regarding who should manage the administrative aspects of their estate, who will be responsible for looking after their money and possessions while the process is being completed, and who they wish their assets to be distributed to.

Estate

The “estate” is the collective term for all financial interests of the deceased. This includes bank accounts, insurance policies, pensions, property, shares (including private and family-owned company shares), bonds, loans made to third parties that now need to be repaid, and other assets.

Forced Heirship (Spain)

In Spain, rules apply regarding how two thirds of an estate must be distributed. Children take priority over spouses, and only one third of the estate can be freely distributed.

However, for expatriates living in Spain, EU Regulation 650/2012 (“Brussels IV”) allows them to elect for the inheritance laws of their nationality to apply to their Will. For a UK national, for example, this makes it possible to distribute the entire estate in accordance with their wishes.

Please note that this EU regulation only applies if the instruction is expressly included in the Will.

Probate

Probate is the term used to describe the legal process of administering and distributing an estate.

In Spain, the document confirming distribution in accordance with the law and the Will is called the Escritura de Aceptación y Adjudicación de Herencia (Deed of Acceptance and Adjudication of Inheritance), which must be signed before a Spanish notary.

In the UK, the equivalent document is known as the Grant of Probate, which is issued by the Probate Office.

Trustee and/or Executor

A trustee and executor can be the same person, although it is often more than one individual in order to share the administrative responsibility.

The trustee is responsible for safeguarding the assets of the estate until they are formally transferred to the beneficiary. The executor is responsible for ensuring the legal formalities are completed so that the transfer of assets to the beneficiary is valid.

Beneficiary

A beneficiary is a person named in the Will who will receive all or part of the estate.

Bequest

A bequest is the term used to describe what is transferred to a beneficiary. This may consist of a single asset, such as a property, or multiple assets, such as property, bank account balances, and shares. A group of assets transferred together may also be referred to as a bequest.

Modelo 650

Modelo 650 is the Spanish tax form used to declare and pay inheritance tax and to support the preparation of the Escritura de Aceptación y Adjudicación de Herencia.

PA1P and IHT400

The UK form used to apply for a Grant of Probate is Form PA1P (if there is a Will) or PA1A (if there is no Will).

If inheritance tax is due, the executor must first complete Form IHT400.

Who Pays Inheritance Tax in the UK?

In the UK, the estate of the deceased is assessed for inheritance tax. The assessment is based on the total value of the estate.

Who Pays Inheritance Tax in Spain?

In Spain, each beneficiary who is a Spanish tax resident is assessed individually for inheritance tax based on the value of the assets they receive.

Double Taxation on Inheritances

As the UK and Spain tax different entities (the estate in the UK and the beneficiary in Spain), the same entity is not taxed twice. As a result, inheritance tax is generally outside the scope of the Double Taxation Agreement.

However, practical solutions may be available depending on individual circumstances, and appropriate professional advice should be obtained.

When Must Inheritance Tax Be Paid in Spain and the UK?

Inheritance tax is generally due within six months of the date of death. It is important to note that tax is not due from the date the beneficiary physically receives their bequest, which is a common misconception.

This six-month rule applies in both Spain and the UK:

• In Spain, payment must be made within six months of the date of death.
• In the UK, tax must be paid by the end of the sixth month following the death.

Case Study: Protecting Life Insurance from Inheritance Tax

At the start of every client relationship, we carry out a detailed discovery process to fully understand your personal and financial circumstances.

In this case, a married couple, both UK nationals living in Spain, held life insurance policies valued at £1,000,000 each. During our review, we identified that the appropriate Inheritance Tax mitigation documentation had not been put in place. Without this structure, the value of the life insurance policies would form part of their estate and could be subject to UK Inheritance Tax for their UK tax-resident beneficiaries.

Given that their estate exceeded the available allowances, this created a potential Inheritance Tax liability on the life assurance proceeds.

We implemented the appropriate documentation to ensure the policies were structured correctly. As a result, up to £400,000 per policy (£1,000,000 × 40%) in potential Inheritance Tax is avoided for their beneficiaries.

Important Notice

This article is provided for information purposes only and does not constitute legal advice. We recommend seeking professional legal advice to assist with the probate and distribution processes of an estate.

A specialist Inheritance Tax and Wills lawyer works with us to provide this service.

For an introduction to the lawyer, please email:barry.davys@spectrum-ifa.com

Geopolitics and Oil Prices

Over the past couple of weeks I’ve received a number of questions from concerned clients about the latest geopolitical developments and what they might mean for markets.

Whenever headlines become intense, it can understandably feel as though something dramatic must be happening in financial markets as well. The reality is often more nuanced — and this appears to be one of those moments.

In 30 seconds

Markets have reacted to rising geopolitical tensions, but the moves so far suggest caution rather than panic.

The key variable investors are watching is energy prices. Historically, bear markets tend to be linked to recessions, and the main risk from the current conflict is whether sustained oil price increases could slow economic growth.

Equity markets have moved lower, although declines have been relatively contained. Across developed markets, equities have generally fallen between 2% and 6%, while emerging markets have seen slightly larger pullbacks due to their greater reliance on imported energy.

Safe-haven assets have also seen some demand. The US dollar strengthened, while gold briefly rose above $5,400 per ounce before easing again.

Despite dramatic headlines, the overall reaction has remained relatively orderly. As LGT Wealth Management noted in a recent update:

“While the headlines have been dramatic, market moves so far suggest investors are reacting with caution rather than panic.”

Interestingly, much of the volatility has occurred beneath the surface of markets. The Rathbones multi-asset team recently highlighted that while headline equity indices have only fallen around 3–4%, there has been significant rotation between sectors and individual stocks.

Chris Saunders of New Horizon Asset Management also notes that the conflict is beginning to affect other parts of the global economy. Disruptions to Iranian production have tightened fertiliser markets, pushing prices higher and raising the possibility that food prices could also rise in the months ahead.

One of the main channels through which geopolitical events can affect economic growth is energy prices. Economists often use a simple rule of thumb: every $10 increase in oil prices can add roughly 0.3% to inflation and reduce economic growth by a similar amount.

With current expectations for US economic growth around 2.2%, oil prices would likely need to rise well above $120–$130 per barrel and remain there for a sustained period before recession risks became materially elevated.

At present, prices remain below those levels.

However, as Chris Saunders notes, the key variable may be how long the conflict continues, as prolonged disruption to Middle Eastern energy supply could delay interest-rate cuts and keep inflation pressures elevated.

As one Rathbones portfolio manager noted in a recent discussion:

“What was a good company before the weekend is still a good company afterwards. The share price may now be lower — which can create opportunities.”

Similarly, the investment team at Atomos emphasised that predicting short-term market movements during geopolitical crises is extremely difficult, reinforcing the importance of maintaining diversified portfolios designed to withstand periods of uncertainty.

Energy shocks can also accelerate structural change. Previous crises — including Europe’s energy shock following Russia’s invasion of Ukraine — helped accelerate investment in renewable energy, batteries and alternative energy systems.

Key Insights

• Markets have reacted with caution rather than panic despite dramatic geopolitical headlines

• Oil prices remain the key variable investors are watching

• Historically, bear markets are far more closely linked to recessions than geopolitical events alone

• Current oil prices remain below levels historically associated with recession risk

• Maintaining a disciplined, diversified investment strategy remains the most effective approach during volatility

In Summary

Geopolitical developments will inevitably continue to evolve over the coming weeks. However, markets so far appear to be adjusting rather than overreacting.

History repeatedly shows that while headlines can move quickly, markets often prove more resilient than expected.

I hope you found this update interesting and helpful.

If anything has raised questions for you, or you’d simply like to talk something through, please don’t hesitate to get in touch. That’s exactly what I’m here for.

Please complete the form below:

What do I need to know?

I hope this newsletter finds you well; So, pensions are back in the spotlight as governments in the UK and Ireland introduce meaningful changes that could affect how individuals and business owners save for retirement. In this edition, we break down what’s changing, why it matters, and what you should be thinking about next.

Should Expatriates Keep Paying UK NI Contributions After 2026?

As you may have seen in the recent UK budget from April 2026, most expatriates will no longer be eligible to pay Class 2 National Insurance Contributions (NICs) and will instead need to use Class 3 contributions which cost more — but this still may offer an excellent return on investment.

The ruling states:

“From 6 April 2026, individuals will no longer be able to pay voluntary Class 2 NICs for periods abroad. Only voluntary Class 3 contributions will be available for tax years 2026 to 2027 onwards.

This change does not affect any voluntary contributions that can be paid for periods abroad before 6 April 2026 – there is more detail here

What you should do next

• Check your State Pension forecast – you can do this here: you will need a Government Gateway ID for the online system OR can contact them here
• See how many missing years you have
• Confirm that you’re eligible for Class 2 NI Contribution for previous years living abroad – check here
• Consider topping up those years at the lower cost Class 2NICs

If you’d like help interpreting your forecast or reviewing your eligibility for Class 2 vs Class 3 contributions, feel free to share the summary or screenshots — I’ll walk you through the options.

The ruling also states that “New applications to pay voluntary Class 3 NICs will need to have either”

• lived in the UK for 10 years in a row
• paid at least 10 years of National Insurance contributions while in the UK

What remains unclear is whether contributions paid for whilst abroad will count towards the 10 year rule and whether it is therefore sensible to pay for missing years before April 2026 to ensure you have 10 qualifying years so that you will be eligible to pay future years.

It certainly appears that long term non-UK residents, without 10 years of NICs, could be “locked out” of the system from April.

You generally need 35 qualifying years of National Insurance contributions to receive the full UK State Pension. That’s why it’s important to know three things:

1. How many qualifying years you already have
2. How many past years you can still buy back (at Class 2 rates until April 2026, if eligible)
3. How many future years you still have before reaching State Pension age

Once you understand these three numbers, you can work out exactly how many additional years you might need. And remember: you may not have to pay for every remaining year at the higher Class 3 rate after April 2026.

Many expatriates will reach the 35-year mark using a combination of existing contributions, cheaper buy-back years, and only a small number of future payments.

Government Gateway tip:

To log in, you need to receive a security code by text message. If you change your mobile number, make sure you update it with HMRC before you lose access to the old phone number. Otherwise, you may be locked out of your Government Gateway account and unable to view your State Pension record.

Why this decision matters

If you expect to remain an EU resident during retirement, there are often strong long-term reasons to transfer your pension out of Ireland; (I cant cover this in this newsletter but contact me if you want more information).

Because of this, it is crucial that whatever happens to your pension today does not restrict your ability to make that transfer in the future.

• Moving your pension into a PRSA can, in most cases, limit or block your ability to transfer the pension out of Ireland at a later date, which can unintentionally reduce your planning flexibility.
• A Master Trust may offer better long-term portability — but only if the trust deed specifically permits future overseas transfers.

Our role

We help clients:

• • Analyse their current Irish pension structure

• Confirm whether future overseas transfers will remain available
• Ensure the chosen structure supports your long-term retirement strategy, not just short-term compliance

Personalised Guidance?

If you hold — or think you may hold — an Irish Executive Pension, reply to this email or click here to schedule a consultation.

We’ll ensure the restructuring supports your long-term financial interests, rather than simply following administrative defaults.

A practical solution: International SIPPs (Self Invested Personal Pension)

Your UK pensions can still be actively and professionally managed by a local adviser by transferring them to an International SIPP. This can also allow you to consolidate multiple pension pots into one, making your retirement planning far simpler.

An International SIPP can provide:

✔ Access to regulated advice
✔ Better consolidation and control, including currency options
✔ Potentially lower fees
✔ A flexible investment approach aligned to your residency and long-term goals

If you have a UK pension and live abroad…

You don’t need to leave your pension un-managed. Send us your pension information and we’ll assess whether an International SIPP could allow us to advise you properly and optimise your retirement planning.

Just to recap…

Important pension changes are now underway across the UK and Ireland and for many expatriates and business owners these changes create both risk and opportunity.

• From April 2026, most expatriates will no longer be able to pay low-cost Class 2 UK National Insurance, making it more expensive to build State Pension entitlement in future. Checking your record and filling any gaps early could significantly improve your lifelong retirement income.
• In Ireland, older executive pension schemes are being forced to restructure under IORP II, by April 2026. The choice between a PRSA and a Master Trust is not just administrative — it can directly affect your ability to transfer your pension abroad in the future.
• For those holding UK private pensions while living abroad, access to advice and suitable structures has become more restricted since Brexit. In many cases, an International SIPP now offers the most practical way to regain control, consolidate pensions, and receive ongoing professional management.

Across all three areas, the key message is the same: early decisions have long-term consequences. A short review today can protect flexibility, reduce future costs, and strengthen your retirement position.

If any of these changes affect you, we encourage you to get in touch. We’re here to help you navigate the complexity and ensure your pension remains aligned with your long-term plans.

After a very wet, windy and stormy February it is lovely see some sunshine and the first spring flowers coming into bloom.

The income tax thresholds have not been frozen as initially planned in the 2026 finance bill; instead, they have increased by 0.9%, aligning with the 2025 rate of inflation. The new tax-free allowance is €11,600 per person. The other tax bands are as follows:

Employees can deduct a set amount of €509 from their taxable salaries for costs, capped at €14,556. The 10% abatement before tax will still apply to pensions with a minimum of €454 and a maximum of €4439.

To reduce your taxes and assist you at home you may use home help such as a gardener or cleaner. Now the cost of home delivered meals to the handicapped or elderly and their dependents also qualifies for a tax credit even if you don’t have other kinds of home help. While services may be more limited in rural areas, it’s worth exploring.

Another measure that has been scrapped is the increased VAT threshold for independent workers and furnished rentals. This threshold remains unchanged.

As mentioned in last month’s Ezine, social charges have risen from 17.2% to 18.6%. Whilst this does not apply to assurance vies nor PEL accounts, it will apply to PER retirement accounts. Also, after the recent fall in interest rates on the Livret A and LDDS accounts on 1st February, the interest rate on the LEP account has also dropped from 2.7% to 2.5%.

On 25th February 2026 the Prudential Assurance Company board reviewed the Prufund Expected Growth Rates (EGR) as part of its quarterly review. Prufund aims to help customers grow their investments over the medium to long term (5 to 10 years) while protecting them from short-term market fluctuations through the unique smoothing process. The Expected Growth Rate (EGR) is the forward-looking element of the unique Prufund smoothing mechanism. This quarter the EGRs for all versions of Prufund remain unchanged.

However, there have been some upward movements to the, the Unit Price Adjustment (UPA), the backward-looking element of the Prufund smoothing process, which is formulaic and non-discretionary, as follows:

Prufund Growth GBP       +2.54%
Prufund Growth Euro      + 3.25%
Prufund Growth USD      + 3.46%

This is positive news for Prudential International investors when they receive their quarterly statements at the end of the month.

At the time of writing, the US and Israel have launched strikes against Iran, which will have an impact on oil prices and may cause some short-term market volatility. However, our well diversified portfolios are designed to withstand periods of geopolitical tensions. In times of intense media coverage, it’s important to remain calm and focus on long-term strategies.

At the end of January, I joined colleagues and product providers at our annual conference in Monaco. We heard a range of insightful presentations from companies including Evelyn Partners, iPensions, Momentum, New Horizon, VAM Alquity, LGT Wealth Management, Novia Global, Rathbones, Utmost, Prudential and RBC Brewin Dolphin.

There is often a difference between what dominates the headlines and what investment managers focus on. While it has become increasingly difficult to ignore what is happening in America, it is important to remember that we maintain a long-term focus for our clients’ investments.

As outlined by the fund managers, markets remain heavily tech-focused. However, although stocks from the companies known as the “Magnificent Seven” dominated markets in 2023 and 2024, there has been some broadening in 2025. Nvidia shares have recently flatlined and Microsoft was down 20%. Even though European stock markets are performing better, fund managers are not yet ready to abandon US equities in favour of European ones.

Unfortunately, the UK economic outlook remains gloomy. For several years now, fund managers have highlighted how little exposure they have to UK stocks within their portfolios. However, the FTSE 100 performed well in 2025, largely because many UK companies generate profits outside the UK.

AI also requires significant infrastructure, including large data centres and substantial energy supply. Its influence is now extending into emerging markets as well.

Fund managers have reduced their oil exposure as energy prices continue to decline. Sovereign bonds, however, are becoming more attractive, with yields of between 1% and 3%, particularly Norwegian, Australian, New Zealand and Japanese bonds.

Novia announced its new GIA product which, like its SIPP, can hold funds denominated in HKD and Australian dollars, as well as GBP, EUR, CHF and USD. Currently, UK SIPPs sit outside a deceased person’s estate for inheritance tax purposes. However, proposals from the UK Chancellor will bring defined contribution pensions into the inheritance tax net from 6 April 2027.

Evelyn spoke about the digital data boom, describing it not as a fad but as a generational shift (anyone with teenagers will relate). Their aim is to “turn data into dollars” in 2026, and they continue to see opportunities, particularly among companies utilising AI. Stronger earnings and a weaker dollar are also supporting emerging market equities.

In French financial news, from 1 February 2026 the interest rates on French savings accounts have been reduced as follows:
Livret A: 1.50%
Livret de développement durable (LDDS): 1.50%
Livret Jeune: 1.50%
Compte Épargne Logement (CEL): 1.00%

Local taxes, in particular taxe foncière, are not expected to increase by more than 0.80% in 2026, due to the increase in the rental value of properties.

Other key changes from 1 January 2026 include:

• The annual social security ceiling is set at €48,060 (€4,005 per month).
• The legal interest rate is set at 6.67% for loans between individuals (for example, late custody payments) and 2.62% for loans between professionals.
• The maximum amount that can be withdrawn from a deceased person’s bank account to cover funeral costs is €5,965.
• Medication, treatment or services provided by non-contracted doctors (those who set their own fees) will no longer be covered by social security from January 2027.
• Fees for certain medical specialists have increased (€40 for a gynaecologist, €42 for a geriatrician and €57 for a neurologist).
• Stamp prices have increased, as they do each year, to €1.52 from €1.39. Postal costs for other services have also risen.
• Interest earned on PEL savings accounts is subject to income tax (12.8%) and social charges (18.6%), bringing the flat tax rate to 31.40%. Holding a PEL allows access to a mortgage at 3.2%.
• If you are expecting a baby in 2026, you may be entitled to an additional two months of maternity, paternity or adoption leave.

In January, if you benefited from specified tax credits or reductions (for example, home help), you will have received a payment equal to 60% of the total amount. The remaining balance will be reconciled through your 2025 tax return in September 2026.

After catching up with work following the conference, I will be spending time with my family from 16 to 20 February during the half-term holidays. If you have any questions about the information above, or would like to arrange a time to discuss your financial matters, please do get in touch.

Happy New Year!! I wish you all the very best for 2026. I hope that you had an enjoyable festive season. We spent Christmas at home, which was very nice and relaxing, so now I am well rested, ready for the new year and looking forward to seeing all my clients. 

On 9th December the Law for the Financing of the Social Security was adopted by the National Assembly and, pending any issues with the Constitutional Court, it is now enacted into law. Under this law, the official retirement age is now 62 years and 9 months, with a required contribution of at least 170 semesters set until 1st January 2028 for pensions taking effect from 1st September 2026. As a result, anyone born between 1964 and 1968 may retire 3 months earlier than previously expected. Furthermore, as from 1st January 2026, the French state pension increased by 0.9%.

This law also increased the CSG social charges on interest, dividends and capital gains from 9.2% to 10.6%. The flat tax (PFU) on this income has therefore risen from 30% to 31.4%. However, withdrawals from assurance vie policies, PEL and PEP (plan épargne populaires) accounts, rental income and capital gains on property are not affected. So for people with money in UK saving accounts, the interest will now be taxed more heavily in France. It is worth considering whether it remains appropriate to keep such accounts, or whether it would be more tax-efficient to move funds into French savings vehicles such as a Livret A or LDDS, or into an assurance vie for longer-term planning.

If you have up to €61,200 that you need to put away for a year or two, a PEL account opened from 1st January 2026 now offers an interest rate of 2% compared with 1.75% for PELs opened after 1st January 2025. The interest rate for a PEL is determined at the time the account is opened.

From 1st January 2026, cash gifts now need to be declared online via your account on the impots.gouv.fr website. This applies to gifts of money, shares or valuable items such as a car. You will be asked to declare any money or gifts of value and state whether they fall under the €100,000 allowance between parents and children or the €31,865 made by a relative under 80 years old to a recipient who is over 18 years old. If the recipient is a minor, their parents should do the declaration for them on their online account. Christmas gifts remain exempt and do not need to be declared.

Since 1st December 2025, parents who are divorced or separated, will now both receive childcare benefit (complement de libre choix de garde) provided the child is cared for by a registered childminder either at the childminder’s home or at the child’s home.

For those looking for a bargain or waiting to buy something special, the sales in France will begin on Wednesday 7th January at 8am and will continue until Tuesday 3rd February.

Furthermore the thresholds for what is considered a low income and middle income households have been increased.

Later this month, I will be attending our annual conference in Monaco with colleagues and meeting with our product providers to review the past year and discuss the factors likely to influence investment strategies in 2026. I will share key insights from our conference in the next Ezine.

In the meantime, if you have any questions about the topics above or would like to discuss your personal financial situation, please do not hesitate to get in touch to arrange a free phone call or meeting.

As we come to the end of the year, we wanted to share a brief reflection on what has been a challenging but ultimately rewarding period for investors.

It’s been another unusual year (I think I wrote that in my last Christmas newsletter!!). We began 2025 with talk of a Trump tariff driven recession, interest rate cuts and the end of US dollar dominance. Instead, growth has slowed but not collapsed, interest rates have stayed higher for longer, and after weakening early in the year, the US dollar has strengthened again in the second half of 2025.

Equities experienced volatility along the way, driven by geopolitics, policy changes and concerns around inflation. Despite this, strong company earnings — particularly in technology and AI — helped global markets finish the year close to record highs. This was a reminder of the value of staying invested through short-term uncertainty.

Bonds quietly did their job. While yields rose earlier in the year, they provided attractive income and stability, reinforcing their role as a key diversifier within portfolios.

Gold stood out as a strong performer, offering effective protection against geopolitical and economic uncertainty while contributing positively to returns.

Overall, 2025 reinforced an important lesson: diversified, multi-asset portfolios can help investors navigate uncertainty and capture long-term opportunities — even in unsettled markets.

You’ll see below a chart showing the ARC Euro Indices for this year; the movements reflect the periods of volatility investors experienced, especially post ‘Liberation Day’ followed by a recovery as confidence improved.

It’s a helpful visual reminder that while markets rarely move in a straight line, staying invested through the ups and downs has historically been key to achieving long-term outcomes.

As we head into the festive season, I’d like to thank you for your continued trust and wish you and your family a very happy Christmas and a healthy, prosperous New Year.

I will be back in touch in January with a financial outlook for 2026 following our next annual Spectrum conference and, of course, I plan to continue to provide you with updates, developments and new support tools over the year ahead…