Multi-Asset Strategist

Leave just one key ingredient out of a favorite recipe and the outcome is likely to be unsatisfying. We think it’s an apt analogy for investment portfolios in the current economic and market environment, which is raising three important questions among asset allocators we talk to: If fixed income isn’t a consistently effective portfolio diversifier going forward, what are the alternatives? In a world of greater uncertainty, how can a portfolio protect against higher volatility?

By Joven Lee, Multi-asset Strategist at Schroders Even without recent events in the Middle East, geopolitical uncertainty is an increasing worry for investors. What can historic market performance tell us, and how can investors develop a process to address this risk in their portfolios? Attempting to trade geopolitical risk directly has historically proven challenging and, in many cases, counterproductive.

19 October 2025 | Investments | General | Oliver Taylor, CFA & Joven Lee, Multi-asset Strategist at Schroders We explore gold’s effectiveness in hedging risk and the rationale for a structural allocation in multi-asset portfolios. Gold has evolved from a physical store of wealth to a globally traded financial asset, with its price historically showing a strong inverse relationship with real yields.