2025 was likely the beginning of the end of US exceptionalism in markets. The US dollar is likely to weaken further over the years ahead as investors increase hedge ratios and reduce exposure to US assets. Developed market yield curves are likely to steepen, as bloated fiscal deficits further expand. Further complicating the medium-term outlook, seismic geopolitical shifts are likely to force investors to reassess risk globally. It’s a whole new world (again)! – but many portfolios are positioned for the past based on an incomplete assessment of risk and reward. It’s time to overhaul our operating assumpt...