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Half Year Update – 2025

July 10, 2025 1 min read

Q1 2025 Snapshot: Volatile Start, Shifting Market Leadership

Markets were volatile in Q1, driven by US policy shifts, trade tensions, and mixed economic signals. Early optimism faded amid tariff announcements, weak US services data, and concerns over AI infrastructure oversupply.

  • US equities fell sharply – worst quarter since 2022, led by the ‘Magnificent 7’.
  • China, Europe, and UK large caps outperformed, sparking questions about shifting market leadership.
  • Fixed income delivered positive returns despite yield volatility.
  • Gold hit a record high above $3,000/oz as investors sought safety.

While recession fears remained low, policy uncertainty continued to weigh on sentiment.

Q2 Market Snapshot: Resilience Amid Uncertainty

After a weak start to Q2, markets rebounded strongly. US large-cap stocks rose 4.5% in GBP, hitting all-time highs in USD, driven by solid earnings and renewed enthusiasm for innovation – particularly in tech.

Global equities returned 5.2% in GBP, with smaller US companies (Russell 2000) up 2.2%. Valuations, especially in the US, have risen meaningfully since the start of the year.

Gold reached record highs in USD, continuing its safe-haven rally. Sterling bonds and gilts also delivered positive returns, offering welcome stability.

While macro risks remain – from geopolitical tensions to trade uncertainty – market resilience has been notable. We continue to focus on capturing long-term growth while preparing for potential volatility.

Asset Class Performance – Q2 2025

  • Equities:
    Strong rebound across major markets.
    • Global equities: +5.2% (GBP)
    • US large-cap: +4.5% (GBP)
    • US small-cap: +2.2% (GBP)
    • Emerging markets: +3.4% (GBP)
  • Fixed Income:
    Delivered stable, positive returns.
    • UK Gilts and Sterling Corporate Bonds both rose.
    • Bond yields moved modestly lower, supporting prices.
  • Alternatives:
    • Gold hit new all-time highs in USD, continuing its upward trend.
    • Commodities saw mixed performance, with energy under pressure.

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John Ruskin

Chairman

John is an accomplished CEO with over 25 years of international leadership experience, having built and sold two self-funded businesses to large, listed companies, and run two major divisions of world-leading enterprises.

He co-founded, built, and sold Cube Financial Group (1997 – 2006), the world’s first independent brokerage agency, which grew to £120M revenues and >100 employees in UK and US. Acquired by Société Générale’s Fimat (Newedge). Further to this he led Newedge’s Futures, Options, Equities & Fixed Income business (2006 – 2013), maintaining stable trajectory throughout the financial crisis, and growing the business to €200M revenues and 550 salespeople in eight markets.

John then co-founded, grew and sold Coex Partners Group (2014 – 2018), growing to £11M revenues in three years with an international client base of hedge funds and asset managers in UK, France, and US. Acquired by TP ICAP.

After his exit from Coex Partners he headed Agency Execution for TP ICAP (2018 – 2022), one of four divisions of the world’s largest Interdealer Broker, leading organic and acquisitive growth to increase revenues from £30M to £320M in four years. John also directed integration and strategic refocus of Liquidnet into TP ICAP (2021 – 2022), as a key member of the leadership team that closed $600M acquisition of Liquidnet in 2021 embedding a new vision, strategy, and roadmap for the business to ensure sustainable growth.

John is hugely passionate about social mobility, having worked with schools, community centres, social enterprise clubs, and the Metropolitan Police on multiple initiatives, and mentored young people through BTEC and A levels. He is a family magistrate.