Industry news and views from Panacea and our partners.
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Lighthouse Edition 2
Lighthouse Edition 2 is now available. Explore the latest market insights to support informed client conversations and portfolio decisions.
American postcard: SpaceX, stock tips from bellhops, and the AI gold rush
In his latest American postcard, David Harrison looks past the spectacle of one of the largest-ever stock raises to ask whats really moving markets. Follow the money pouring from AI model owners and hyperscalers to the chipmakers, suppliers and industrial firms standing in front of an enormous wave of spending.
Webinar: What's driving US Small caps?
After years of large-cap dominance, the Russell 2000 has outperformed the S&P 500 year to date: is there more to come? Join the Artemis team as they discuss why they believe broadening earnings, attractive valuations and cyclical tailwinds put US small caps in a strong position for future growth.
Mega-caps, ecommerce and SAINTS
In this episode of Upfront, James Budden and James Dow discuss recent developments in Baillie Gifford's investment trusts, the case for active investing in concentrated markets, and Sea Limited's ecommerce growth in Southeast Asia. Capital at risk.
Scottish Mortgage Podcast: In Conversation with Gopuffs Co-Founder
From late-night convenience to everyday essentials, Gopuff is rethinking how people shop. Scottish Mortgage has backed Gopuff since 2021 and in the latest episode of Invest in Progress, co-founder Yakir Gola discusses the company's long-term ambition.
Scottish Mortgage Manager Insights: Lawrence Burns
Lawrence Burns reflects on the past 12 months and what the agentic era of AI could mean for growth investors.
Scottish Mortgage Manager Insights: Tom Slater
From AI infrastructure and space-based connectivity to digital finance, Tom Slater reflects on a year defined by disruption and opportunity.
MyFolio Q2 webinar
22 July 9:30-10:30am Join Aberdeens MyFolio Q2 webinar featuring the latest macroeconomic outlook and review of the MyFolio fund ranges.
Don't buy the UK, buy the right UK companies
The UK stock market is far more interesting than the headlines suggest, if you know where to look. Rathbone UK Opportunities Fund Manager Alexandra Jackson explains where shes finding great companies.
What is a safe haven now?
Are traditional safe haven assets still delivering? Explore how changing market conditions are reshaping where resilience can be found.
The hidden cost of sitting on the sidelines
When markets fall sharply, moving to cash feels like the best option. But the evidence tells a different story. Analysis of global equity markets from 1995 to 2025 shows that a £10,000 investment left fully invested would have grown to approximately £120,000 - an annualised return of 8.7%. Miss just the 30 best trading days over that period, and the same investment is worth around £33,000. That's the cost of trying to time the market.
Inflation risk: the quiet test of retirement income
Protecting spending power is a key challenge for long-term investors. Steven Hay explores how the Baillie Gifford Monthly Income Fund seeks to provide monthly income while preserving long-term value. Capital at risk and income not guaranteed.
Emerging markets: stay ahead as perceptions shift
For many investors, emerging markets still carry familiar labels: volatile, complex and difficult to own.
AI changes everything so why do you have the same portfolio?
Every investor seems to know and accept that AI is changing the world. But what many seem to be overlooking is the speed of change in AI itself.
Expectation: the retirement spending conundrum
Clients spending plans are a pivotal input to retirement planning, but rarely clear. We explore why estimates miss the mark and how advisers turn uncertainty into workable strategies.
View from the markets: Too much of a good thing
Recent volatility in global technology shares has been partly caused by better-than-expected US economic data which led to market expectations for higher fed funds rates in the future.
Schroders Equity Lens June 2026: your go-to guide to global equity markets
When valuations are at current high levels, the case for equities hinges strongly on earnings.
A broader foundation for earnings growth
Although companies benefiting most directly from AI-related capital spending are the main drivers of higher earnings, strength is no longer confined to that group. Earnings across the broader market remain solid and are expected to grow more than 10% this year and next, suggesting the risk of concentrated market leadership may not be founded.
Schroders: 2026 UK Adviser Pulse Survey: Navigating opportunity in a more uncertain world
Insights from our latest Adviser Pulse Survey show how firms are navigating higher volatility through resilient portfolios, broader diversification, and greater focus on tax and estate planning advice.
Why do most investors ignore the biggest driver of returns?
When something sounds too good to be true, it usually is. So if I told you most fund managers could boost long-term returns by paying more attention to a single metric, your reaction would likely be one of scepticism.
Why technology is the cornerstone of European strategic autonomy
As Europe aims to grow its economy while safeguarding its own interests, it is placing greater focus and investment in areas ranging from defence and manufacturing to energy, food and health. There is one sector, however, that stands out as the cornerstone of European strategic autonomy: technology.
Why income investing in emerging markets in 2026?
Most often associated with growth investing, a new look at how emerging markets represent a uniquely appealing income universe for todays active investors with a total return mindset.
The renminbi's quiet transformation
China's renminbi isn't ready to challenge the US dollar's supremacy. But the currency is quietly reconfiguring the global financial system nevertheless.
Talking Heads - Cheaper, smarter and ever broader uses: AI offers a long growth runway
While there may be some areas of excessive optimism, infrastructure spending has generally been in line with demand and mostly funded from operating cash flows. AI products and services continue to be monetized rapidly.
The demographic cliff: accelerating automation
Ageing societies will accelerate the next wave of automation. Carl Frey, author of seminal research into the impact of robotics on the labour market and Pictet Asset Management thematic advisory board member, explains how.
Aberdeens 'dream team': a portfolio to compete on the global stage
This June and July sees the worlds finest footballers competing for the ultimate prize in the game. But what does that have to do with investing? More than you might think.
The cost of waiting for certainty
Why investors may be better served by deliberate diversification and flexibility than waiting for certainty in todays unsettled markets.
3 ways to respond when inflation bites
A surge in energy prices pushed the latest U.S. Consumer Price Index (CPI) reading above forecasts, reinforcing the case that inflation could remain higher for longer. Higher energy prices have also increased market volatility and uncertainty around the path of interest rates.
Four reasons to reconsider your global passive exposure
Putting all your money in a global tracker fund means betting the theme of US exceptalism that has driven markets higher over the past 15 years will continue indefinately. Artemis' Harry Eastwood explains why this may not be the case.
Global equities: one-country bias doesnt always pay
The rise of US technology mega-caps has led to the US stockmarket dwarfing the markets of other countries. Several of the largest US companies each have individual values which are comparable with or bigger than the total value of the entire stockmarkets of other countries such as the UK or Japan.
Multi-asset investing: why the 60/40 debate misses the bigger picture
Recent market volatility and shifting asset class correlations have prompted a familiar question: can the traditional 60/40 equitybond portfolio still be relied upon to deliver the balance of risk and return investors expect?
Investing in technology and AI: Opportunities in a rapidly evolving landscape
BNP Paribas Asset Management portfolio managers, Pamela Hegarty and Derek Glynn, answer key questions regarding the future of artificial intelligence and investing in the technology sector.
Future of industry: embracing data and clean energy
The tech boom makes the transition to clean energy ever more urgent but also more achievable. We find out why at the world's largest industrial innovation summit.
Steady hiring, fewer layoffs
Mays jobs report showed a labor market that is improving, with payroll growth exceeding expectations and layoffs down sharply from last year. Steady hiring and fewer layoffs should continue to support consumer spending and U.S. economic growth.
Baillie Gifford: When consensus fails: EM research in practice
A new paper by investment manager Alex Summers explains how Baillie Giffords Emerging Markets Team seeks to use deep and differentiated research to test where we differ from consensus and to build real conviction. Capital at risk.
Baillie Gifford: Emerging Markets: are you missing the point?
Global equity portfolios remain systematically underweight Emerging Markets despite these economies being home to many world-leading growth businesses. Capital at risk.
Baillie Gifford: Emerging markets: home to world-class companies
Baillie Gifford's Andrew Keiller explains why emerging markets are producing more standout businesses. Capital at risk.
Baillie Gifford: Emerging markets: re-globalisation
Baillie Gifford's Qian Zhang explores why a multipolar world could increasingly favour emerging markets. Capital at risk.
Baillie Gifford: Balanced portfolios still need bonds
Bonds may not hedge every shock, but they still protect balanced portfolios when growth falters. Capital at risk.
Baillie Gifford: Emerging Markets: unlocking the next wave of growth
Baillie Gifford Investment manager Roderick Snell explains why emerging markets look increasingly compelling. Capital at risk.