Every week the Asset Allocator (https://www.ftadviser.com/asset-allocator/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) Podcast discusses the big issues in UK fund (https://www.ftadviser.com/asset-allocator-value-investing/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) selection, the major investment trends (https://www.ftadviser.com/asset-allocator-alternative-investments/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) of the moment, and exclusive data on how wealth managers (https://www.ftadviser.com/asset-allocator-active-management/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) are positioning their portfolios. They'll be joined by guests from across the profession to unpick some of these trends.
Asset Allocator is a news and analysis service tailored to the needs of UK wealth managers, fund selectors and discretionary fund managers. Our proprietary fund and asset allocation data, compiled using information provided by the UK’s leading DFMs, provide unique insights into the issues that drive investment decisions. To sign up to the free newsletter, click here (https://www.ftadviser.com/my-account?utm_medium=referral&utm_source=acast&utm_campaign=podcast#newsletter).
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Government bond (https://www.ftadviser.com/content/439ed036-181b-4761-af9d-0c4178eaf1aa?utm_medium=referral&utm_source=acast&utm_campaign=editorial)yields are approaching five per cent, raising a crucial question for investors: could higher interest rates threaten global stock markets, or are bonds becoming a more attractive investment than equities?
In this episode of the Asset Allocator podcast, Simoney Kyriakou is joined by Joe Little, global chief strategist at HSBC Asset Management (https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment-views/investment-insights?cid=HBEU:NKJ:BRDFT2026:V0:AMG:L15:FT:XTR:0:XAW:16:0526:001:PODFTUKV61), to discuss the outlook for bond markets, interest rates, inflation and global equities as investors adjust to a higher-for-longer interest rate environment.
With US Treasury yields (https://www.ftadviser.com/content/1db68287-d6a5-4f5f-8deb-e9d5df6517be?utm_medium=referral&utm_source=acast&utm_campaign=editorial) and UK gilt yields (https://www.ftadviser.com/content/a41dd279-ad0f-4106-a7fd-131146383c46?utm_medium=referral&utm_source=acast&utm_campaign=editorial) rising, Little examines what's driving the global bond sell-off (https://www.ftadviser.com/content/439ed036-181b-4761-af9d-0c4178eaf1aa?utm_medium=referral&utm_source=acast&utm_campaign=editorial), why inflation-adjusted yields matter and whether government bonds now offer a compelling alternative to stock market investing.
The conversation explores the risks higher bond yields pose to equity valuations, why strong corporate earnings (https://www.ftadviser.com/content/ae06f567-52b4-4faa-b0a2-f6e628a141a8?utm_medium=referral&utm_source=acast&utm_campaign=editorial) continue to support US and European stocks, and what a sustained rise in borrowing costs could mean for investment portfolios.
They also discuss the resilience of the US dollar amid geopolitical uncertainty, the implications for emerging markets including China, India and Brazil, and whether the Federal Reserve, Bank of England (https://www.ftadviser.com/content/f6505448-6e12-4d8f-bc01-5239c7146823?utm_medium=referral&utm_source=acast&utm_campaign=editorial) and European Central Bank have enough room to respond to inflation without damaging economic growth.
Little also explains why central banks may deliver fewer interest rate rises than markets currently expect and how that could create opportunities for bond and equity investors.
Click here for more investment insights from HSBC Asset Management: Investment Insights | HSBC Asset Management (https://www.assetmanagement.hsbc.co.uk/en/intermediary/investment-views/investment-insights?cid=HBEU:NKJ:BRDFT2026:V0:AMG:L15:FT:XTR:0:XAW:16:0526:001:PODFTUKV61)
Timestamps:
00:00 - Why bond yields are rising
05:47 - Can higher bond yields hurt stock markets?
08:54 - Why the US dollar remains strong
13:03 - Are central banks running out of options?
16:17 - Have markets priced in too many rate hikes?
The Asset Allocator (https://www.ftadviser.com/asset-allocator/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) Podcast discusses the big issues in UK fund (https://www.ftadviser.com/asset-allocator-value-investing/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) selection and how wealth managers (https://www.ftadviser.com/asset-allocator-active-management/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) are positioning their portfolios. Sign up to the newsletter (https://www.ftadviser.com/my-account?utm_medium=referral&utm_source=acast&utm_campaign=podcast#newsletter).
Hosted on Acast. See acast.com/privacy (https://acast.com/privacy) for more information.
8 Oct 2026
How to build a defensive portfolio as bond yields rise
How should investors build a diversified portfolio (https://www.ftadviser.com/content/df1c5506-9e3e-480d-b4f9-b31f1f0fff27?utm_medium=referral&utm_source=acast&utm_campaign=editorial) when bond yields are rising, inflation remains a risk and the AI boom (https://www.ftadviser.com/content/64c6a939-aa8e-4a2d-b614-c5eaebe433df?utm_medium=referral&utm_source=acast&utm_campaign=editorial) is reshaping global equity markets?
In this episode of the Asset Allocator (https://www.ftadviser.com/asset-allocator-podcast/?utm_medium=referral&utm_source=acast&utm_campaign=editorial&utm_content=hsbc-am) podcast, Aamina Zafar and David Thorpe are joined by Darius McDermott, managing director of Chelsea Financial Services, to discuss how investors can position portfolios (https://www.ftadviser.com/content/d029bb9b-8f12-4a94-b042-ad7dde5b0139?utm_medium=referral&utm_source=acast&utm_campaign=editorial) for today's market environment.
McDermott explains why higher bond yields (https://www.ftadviser.com/content/d029bb9b-8f12-4a94-b042-ad7dde5b0139?utm_medium=referral&utm_source=acast&utm_campaign=editorial) can affect equities as well as fixed income, and why traditional geographic diversification (https://www.ftadviser.com/content/7c10e083-f585-41d1-8b67-5df04d77f6c3?utm_medium=referral&utm_source=acast&utm_campaign=editorial) may no longer work quite as expected as AI-related stocks become increasingly important across the US, Asia and emerging markets.
The conversation explores how investors can diversify beyond the dominant AI theme, including opportunities in UK equities, infrastructure, energy, water and waste, global insurance, private equity and defence.
They also discuss what a more defensive portfolio could look like, from short-duration bonds and gilts to cash, gold and lower-beta equities, and why understanding correlations between different assets becomes particularly important during periods of market stress.
Plus, McDermott explains why Chelsea Financial Services (https://www.chelseafs.co.uk/) reduced its exposure to longer-duration gilts and US Treasuries and why higher yields could now make parts of the gilt market increasingly attractive again.
00:00 - How higher bond yields affect equities
04:01 - How to diversify beyond the AI trade
05:53 - How to build a defensive portfolio
08:43 - Can alternatives replace bonds and equities?
12:51 - How Chelsea Financial Services changed their play
The Asset Allocator (https://www.ftadviser.com/asset-allocator/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) Podcast discusses the big issues in UK fund (https://www.ftadviser.com/asset-allocator-value-investing/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) selection and how wealth managers (https://www.ftadviser.com/asset-allocator-active-management/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) are positioning their portfolios. Sign up to the newsletter (https://www.ftadviser.com/my-account?utm_medium=referral&utm_source=acast&utm_campaign=podcast#newsletter).
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1 Oct 2026
Macro factors 'more difficult' to forecast in today's environment, says Keyridge boss
Forecasting macro factors (https://www.ftadviser.com/content/57e27f20-26c6-4be5-9079-5bbc6c968f69?utm_medium=referral&utm_source=acast&utm_campaign=editorial) are much more difficult than they were in the past.
That’s the view of Jordan Sriharan who joined this week’s Asset Allocator (https://www.ftadviser.com/asset-allocator-podcast/?utm_medium=referral&utm_source=acast&utm_campaign=editorial&utm_content=hsbc-am) podcast this week.
The senior fund manager for multi asset at Keyridge Asset Management warned that predicting the macro environment has become significantly more difficult due to shifting government policies (https://www.ftadviser.com/content/57e27f20-26c6-4be5-9079-5bbc6c968f69?utm_medium=referral&utm_source=acast&utm_campaign=editorial) and increased volatility (https://www.ftadviser.com/content/84c4a8c6-87b1-4e0b-adf1-1517316a35f3?utm_medium=referral&utm_source=acast&utm_campaign=editorial) compared to the post-financial crisis era.
Speaking with Aamina Zafar and David Thorpe, the trio examine why inflation and interest rates could remain structurally higher, and what that means for asset allocation, portfolio diversification and risk management.
Sriharan explains why shorter-duration corporate bonds are becoming increasingly important in fixed-income portfolios (https://www.ftadviser.com/content/b08a8763-3907-41f7-9bf8-9b13151dda1f?utm_medium=referral&utm_source=acast&utm_campaign=editorial), whether long-duration government bonds (https://www.ftadviser.com/content/a1c348ff-b944-48ab-8659-2c140098913a?utm_medium=referral&utm_source=acast&utm_campaign=editorial) can still provide protection during market downturns, and where high-yield bonds and emerging market debt fit into portfolios.
Timestamps
00:00 - Macro factors more difficult to gauge
03:06 - From efficient supply chains to economic resilience
10:21 - Does the 60/40 portfolio still work?
19:49 - Why emerging market debt looks attractive
22:34 - AI, Big Tech and the outlook for US equities
29:59 - The investment case for UK equities
The Asset Allocator (https://www.ftadviser.com/asset-allocator/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) Podcast discusses the big issues in UK fund (https://www.ftadviser.com/asset-allocator-value-investing/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) selection and how wealth managers (https://www.ftadviser.com/asset-allocator-active-management/?utm_medium=referral&utm_source=acast&utm_campaign=podcast) are positioning their portfolios. Sign up to the newsletter (https://www.ftadviser.com/my-account?utm_medium=referral&utm_source=acast&utm_campaign=podcast#newsletter).
Hosted on Acast. See acast.com/privacy (https://acast.com/privacy) for more information.
Who has been a guest on The Asset Allocator Podcast
Names identified in recent episode analyses. Showing up to five guests.
Ernst Knacke
Damian Fantato
William Marshall
Henry Cobbe
Stewart Smith
Reach and audience
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Spotify
4.2 / 5
11 ratings
Podcast Authority Score: 40 / 100
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Quality
48
Social presence
0
YouTube
0
Engagement
81
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