…they may turn up when you least expect.

Yesterday, Winterflood Securities’ 22nd Annual Investment Trust conference brought together leading fund managers and strategists to explore macro trends and the key forces shaping today’s investment markets.

The morning opened with an optimistic macro-outlook from Hugh Gimber (JP Morgan Global Market Strategist), who highlighted continued strength in the US economy and the potential for further fiscal support to underpin an already robust market environment. In addition, positive trends (and low valuations) in other territories make geographic diversification attractive at the moment. 

China was a recurring focus throughout the day, with speakers pointing to a valuation gap between Chinese and US growth stocks. Sophie Earnshaw (Baillie Gifford China Growth) highlighted sustained investment across technology and advanced manufacturing, including opportunities linked to the AI value chain and autonomous vehicles. She also noted the parallel AI ecosystem in China, the scale of manufacturing expansion underway, and a new wave of consumer brands gaining traction both domestically and internationally.

Healthcare emerged as another key growth theme for China. Trevor Polischuk (Worldwide Healthcare Trust) explored innovation across the sector, from the rapid adoption of weight-loss treatments with global impact, to developments in organ augmentation and evolving pharmaceutical pricing dynamics, including recent agreements between major drugmakers and the US government.

Discussion in the private equity panel reflected a resilient year overall, despite periods of market volatility. Panellists highlighted continued momentum and pointed to AI as a significant opportunity to unlock operational efficiencies when applied effectively. The importance of engaging frequently and honestly with your investors was never more apparent than during a heated panel Q&A session at the end of the session in which an investor aired a performance-related gripe in front of attendees. Engaging continuously with your investors should always be a priority – but then we at Tavistock would say that. 

The afternoon session turned to data centres, where demand and deal sizes continue to accelerate. Ireland was highlighted as a particularly attractive market, while panellists noted that forecast supply of power remain a limiting factor in the UK. With larger transactions expected, the sector’s long-term growth prospects remain firmly in focus.

It was a valuable day of discussion and insight – thanks to the speakers and to our client Winterflood Securities for hosting such a well organised event.

– Activist investor Saba Capital remains a threat to investment trust boards. Download our Shareholder Activism Advisory brochure here

– Read more about Tavistock’s financial services team