In this quarter’s video commentary, Simon Evan-Cook and Alex Paget walk through the risks and opportunities shaping global markets at the end of 2025.

They explore why mega-cap US tech and passive, tracker-heavy portfolios may be sitting on a valuation time bomb.

Simon explains the Fox team’s rationale for shifting away from overheated areas into more balanced, diversified holdings. He reiterates the core philosophy behind the Downing Fox mulit-asset range: long-term compounding, disciplined selection, and avoidance of bubbles.

Watch the video to better understand how the Fox Funds are positioned for today’s uncertain environment - and how advisers might think about rebalancing portfolios for 2026.

Watch the video

If you’d like to learn more about our approach or the Downing Fox Funds, visit our webpage or get in touch.

Read the commentary here.

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Important notice

Past performance is not a reliable indication of future performance.

This video is intended for financial advisers and has been approved and issued as a financial promotion by Downing. Any personal opinions expressed are subject to change and should not be interpreted as advice or a recommendation. Capital is at risk and investors should note that their investments and the income derived from them can fall as well as rise and investors may not get back the full amount invested. Downing is a trading name of Downing LLP. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 545025). Registered in England and Wales (No. OC341575). Registered Office: 10 Lower Thames Street London EC3R 6AF.