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Welcome to the Global Investment View Q2

The Global Investment View distils the thinking of the Global Investment Strategy Group that brings together the insights of Investec Wealth & Investment’s professionals in the UK, South Africa and Switzerland. The Group meets quarterly to map out our outlook over the following 18 months, setting a risk budget and identifying some of the potential icebergs that lie in the global investor’s path.

Download the Global Investment View Q2 | 2025

Economic uncertainty in the US has led to a material pullback in US equities. Even after the recent decline, we estimate that the US equity market is still somewhat expensive. In addition, there are increasing risks – the labour market is due for a slowdown, tariff uncertainty is elevated and there are rising risks for the US housing market.

Chris Holdsworth
Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International

Shifts in US trade policy have introduced sizeable volatility into global markets and have been met with a swift downturn in US equities.

Executive view of the quarter

The GISG kept its global risk budget score at -1 on a scale of -3 to +3, while the SA risk score was reduced to 1 on a scale of -3 to +3.

Click here to download the Executive Summary Q2 2025.

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