The Asset Allocator Podcast

Recent activity suggests markets are reconsidering their approach to AI-themed companies, but what's going on exactly? To answer, David Combs, head of multi-asset at Rathbones Asset Management joins Aamina Zafar and David Thorpe on Asset Allocator.David gives his opinions on the best ways for investors to access the AI revolution right now, as well as looking at how to navigate the increasingly jittery market as bad news, questions of future profitability and much more has many trying to second-guess where the AI trend is going.Alongside AI, the trio also discuss the US interest rate story. The lingering conflict in the Strait of Hormuz and approaching mid-terms may mean change is coming but what can investors expect? And in the UK, more political change means more uncertainty. But is it perhaps a good time to invest in UK government bonds? David gives his opinion on what the gilts market looks like right now.Timestamps00:00 - Is the AI investing landscape shifting?10:41 - AI and big tech investing risks12:49 - Will the US raise interest rates this year?17:24 - Investment Strategies & Diversification22:06 - The UK gilts outlook

With fresh opportunities emerging across equities, fixed income, and alternative assets, where should investors be focusing?That's the question Asset Allocator's Aamina Zafar and David Thorpe put to Ed Cole, equity strategist at Man Group.Ed discusses diversification and how inflation may hit portfolios this year, with the things that asset managers need to be aware of when building their portfolio. He also explains his thoughts on fixed income and what a defensive equity allocation currently looks like.

Why do professional investors increasingly avoid the phrase "passive investing"?Dan Caps, portfolio manager at Evelyn Partners, argues that modern index investing is anything but passive. From factor exposures and asset allocation to tactical implementation and disciplined rebalancing, today's portfolios are far more nuanced than many investors realise.In this episode of Asset Allocator, we explore how index investing has evolved, where managers can still add value and why the future may belong to portfolios that blend active and index approaches.Timestamps00:00 - Introduction and what do we call index investing?06:17 - Asset Allocation & Market Performance10:33 - Rebalancing & Market Volatility15:25 - Client Cost & Index Solutions20:03 - Index Concentration Risks

AI boom or bubble? Emerging markets comeback? And what do geopolitical shocks mean for investors in 2026? In this episode of the Asset Allocator podcast, FT Adviser editor Simoney Kyriakou sits down with Joe Little, Chief Strategist at HSBC Asset Management, to unpack the forces reshaping global markets.From geopolitical tensions and commodity volatility to China's manufacturing resurgence and the AI investment frenzy, Joe discusses whether AI stocks are entering bubble territory, why inflation may remain "spiky", and why investors may need to look beyond developed markets for future returns.Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset ManagementTimestamps00:00 - Update on markets00:30 - Economic Shocks & Inflation04:42 - The AI Boom: Market Impact09:27 - Emerging & Frontier Markets

Is passive investing making markets more concentrated? Will today's AI winners still exist in a decade? And why might cash be one of the most misunderstood assets in investing?In this episode of Asset Allocator, Nathan Sweeney, chief investment officer for multi-asset at Marlborough, joins Amina Zafar and David Thorpe to discuss how investing is changing in an era of artificial intelligence, social media and information overload.Nathan explains why the active versus passive debate remains relevant, why market concentration may not be the threat many investors believe it is, and why access to information is no longer an advantage for fund managers.He also discusses the rise of AI, the challenge of separating signal from noise, the impact of social media on investor behaviour, and why many investors misunderstand risk, inflation and the role of cash in a portfolio.

Financial advisers must hedge against currency risk if they want to truly protect their client’s income, explains Jason Da Silva, the director of global investment strategy at Arbuthnot Latham.Discussing the relevance of the dollar’s weakness for UK advisers and their clients, Da Silva highlighted the importance of currency management in both equity and fixed income portfolios.Also on this episode of Asset Allocator, why sticky inflation remains the biggest investment risk, whether the US dollar retains dominance and what IPOs and today's credit markets are signalling about risk appetite.

Bond and equity markets are sending very different signals. While stocks continue to rally on optimism around earnings and AI-driven growth, bond investors are grappling with inflation risks, geopolitical tensions and mounting government debt.In this episode of the Asset Allocator Podcast, Aamina Zafar and David Thorpe are joined by Henry Cobbe, head of research at Elston Consulting, to discuss whether investors need to rethink traditional portfolio construction.The conversation explores whether the classic 60/40 portfolio still works, why government bonds may no longer provide the diversification investors expect, and where income opportunities can be found in today’s markets. Cobbe also explains how inflation, energy shocks and geopolitical events are reshaping asset allocation decisions, and why investors may need to look beyond conventional approaches to build resilient portfolios.

On this week's Asset Allocator, Simoney Kyriakou is joined by Joe Little, chief strategist at HSBC Asset Management, to discuss the diverging opinion between economists and investors over the repercussions of the Iran conflict and what the closure and blockade of the Strait of Hormuz means for the global economy. Are investors simply ignoring the mood music?Alongside the Middle East conflict, Little and Kyriakou also discuss the mega trend that is refusing to give up: AI. Many have predicted a fundamental change to the way we live and work, while others say it is the dotcom bubble 2.0 – is the truth somewhere in the middle? Little also lays out what the high gilt yields means for your clients.Asset Allocator has made some changes; each week you can still get the same analysis and insight into asset management and asset managers, but you can now choose whether to listen or watch our episodes. Watch on Asset Allocator, Spotify or YouTube by following the links.Timestamps:00:00 - Why are economists and investors diverging on Iran?04:51 - UK gilt market & inflation challenges09:55 - Pension surpluses & gilt opportunities12:05 - AI hype & global growth outlookClick here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management

There is still a free lunch in diversification, but investors just need to look a bit harder for it and reframe what that means, says David Aujila, multi-asset fund manager at Invesco. Aujla discusses what true diversification looks like with funds reporter Aamina Zafar and contributing editor David Thorpe.