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House Report

Q3 2025

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With the US economy, markets, and listed companies at the centre of global dynamics, we explore the key themes affecting investors today.

This edition of the Sarasin House Report centres on the enduring global impact of President Trump’s ‘Liberation Day’ tariffs and broader economic policies, which continue to shape markets and investor sentiment well into 2025. We assess the market’s unexpected resilience to tariff-led volatility and the prospects for a weaker US dollar. We also unpack currency risk management and hedging strategies, and revisit the role of government bonds in balanced portfolios. Finally, we delve into the fast-evolving world of artificial intelligence, sharing insights from Silicon Valley alongside our stewardship efforts to promote ethical AI governance.

Read all the articles or download the full House Report below.

THE SURPRISING MARKET UPSIDE OF THE TRUMP AGENDA

GUY MONSON | 4 MIN

Exploring market performance amid tariffs and geopolitical tensions, and
how investors can navigate uncertainty with a focus on quality and security.

Read more

TARIFFS, THE DOLLAR AND THE NEW AMERICAN ORDER

SUBITHA SUBRAMANIAM | 3 MIN

A closer look at how America’s shifting global role and fiscal strategy
are reshaping trade, currency dominance and investor confidence.

Read more

MANAGING CURRENCY RISK: MORE THAN MEETS THE EYE

TOM SANTA-OLALLA | 4 MIN

Understanding the hidden layers of currency risk and how thoughtful
portfolio construction and selective hedging can help manage it.

Read more

SHAPING THE FUTURE OF ETHICAL AI

JULIA SHATIKOVA | 4 MIN

A closer look at how we are encouraging companies to improve oversight, counter misinformation, safeguard privacy and build trust.

Read more

BEYOND THE HYPE: AI IS NO LONGER A STORY ABOUT POTENTIAL

IANJIT BHATTI AND KWAI SAN WONG | 3 MIN

A behind-the-scenes look at how AI and cybersecurity are reshaping
enterprise technology, based on insights from our trip to Silicon Valley.

Read more

RED, WHITE AND RELOCATED

NICK WOOD | 4 MIN

Nick Wood covers some of the investment options open to the increasing number of
Americans living beyond their nation’s borders, and reinforces the importance of appointing experienced advisers to manage the associated complexity

Read more

DOWNLOAD HOUSE REPORTS

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The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

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It is not for distribution outside the UK and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

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By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

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This website and the information contained within is for UK resident charities only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue to US persons by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for US persons only and not for distribution to non-US persons. If you are not a US person, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue to US persons by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for US persons who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution to non-US persons and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for South African residents only and not for distribution outside the South Africa. If you are not a South African resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South Africa residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

What type of investor are you?

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in Ireland by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for Irish residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside Ireland and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than Ireland. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK residents only and not for distribution outside the UK. If you are not a UK resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for UK resident charities only and not for distribution outside the UK. If you are not a UK resident charity, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in the UK by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for UK residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside the UK and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than the UK. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue to US persons by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for US persons only and not for distribution to non-US persons. If you are not a US person, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue to US persons by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for US persons who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution to non-US persons and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than US persons. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This website and the information contained within is for South African residents only and not for distribution outside the South Africa. If you are not a South African resident, you must leave this site immediately and accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa. The information on this website is provided on the condition that it will not form the basis for any investment decision by the recipient or clients that the recipient may be representing or acting for.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

It is important that you read this information before proceeding, as it explains certain legal and regulatory restrictions applicable to the use of this website.

By clicking the ‘Accept’ button you acknowledge that the information below has been brought to your attention.

The contents of this website have been approved for issue in South Africa by Sarasin & Partners LLP (‘Sarasin’), which is regulated by the Financial Conduct Authority. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Who can use this site

This information on this website is only for South Africa residents who are:

professional investors;

our product distributor partners; or

regulated professional intermediaries.

It is not for distribution outside South Africa and should not be relied upon by retail investors.

If you do not meet the above criteria, you must leave this site immediately and you accept Sarasin will not be liable in any way whatsoever for your use of this website or the information contained within if you choose to proceed.

What you should know about the site’s content

This website should not be regarded as an offer or solicitation to conduct investment business in any jurisdiction other than South Africa.

The information on this website has been obtained from sources that Sarasin believe to be reliable and accurate at the date of publication, but no warranty of accuracy is given. We are not responsible for the accuracy of information contained within sites provided by third parties, which may have links to or from our pages. Any opinions expressed are our judgement at the time of writing and are subject to change without notice. By proceeding you agree to the exclusion by Sarasin of any liability in respect of any errors or omissions by Sarasin and any other relevant third parties.

The information on this website does not in any way constitute investment, tax, legal or any other form of advice or recommendation that a product or investment is suitable for you or your circumstances. If you are unsure as to whether the investments described in this site are suitable for you should seek professional advice from a professional adviser.

Cookies and other policies

This website uses cookies. A cookie is a small file of letters and numbers that we put on your electronic device which is essential for the website to function properly and which help to provide you with a better online experience. These cookies cannot be switched off and do not store any of your information. We also use non-essential cookies which you can consent to or reject via the cookie consent tool on our website. By continuing to access this website, you agree to these warnings and important information.

Please make sure you have also read our Legal Information, Important Information and Privacy Policies which apply to your use of this website. To access these, please click on the links at the footer of the home page.

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