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GAM is a global asset management firm. GAM’s purpose is to protect and enhance our clients’ financial future.

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Our Thinking

Multi Asset Blog
Stateside shutdown shenanigans
07 October 2025 | Julian Howard

Yet another US government shutdown really should be bad for growth. But with short-term rates pricing in multiple Fed cuts, the 'bad news = good news' narrative lives on, but for how long? With results from financials and IT behemoths looming, investors want reassurance that hefty AI spend is on track to deliver returns.

Investment Opinions
Q3 Multi-Asset perspectives: The new invincibility?
06 October 2025 | Julian Howard

Julian Howard, GAM’s Chief Multi-Asset Investment Strategist, outlines his latest multi-asset views, exploring how US equity markets went on a tear in the third quarter, despite elevated uncertainty and signs of slowdown in the US economy. For investors, predicting the next correction will be challenging but ensuring portfolio diversification less so.

Multi Asset Blog
Why are Chinese equities doing so well?
30 September 2025 | Julian Howard

Chinese stocks have far outpaced gains in global equities lately. Resilience in exports in the face of US tariffs and rate cuts may not tell the whole story. But a domestic cultural savings shift into stocks might.

Investment Opinions
Trouble with the curve again: a warning for global markets
23 September 2025 | Julian Howard

Steepening yield curves could spell trouble ahead for deficit-addled economies, potentially sooner rather than later. Big-spending governments would do well to heed the warning of soaring long-end yields. For investors, avoiding this value trap in favour of more effective diversifiers could be key, argues Julian Howard.

Multi Asset Blog
Pressure mounts on the Fed
15 September 2025 | Julian Howard

With the US labour market softening, a cut of 25 bps looks in the bag this week, but pressure is mounting for more, even with inflation holding far above target.

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