We should think of those two things separately. The narrative around Fed independence is long-held. Sell America is more about the market itself, consensus being stable for another year of solid performance, and whether it's a crowded trade needing diversification.

You start with earnings, think about the market itself, the dollar, the curve. Markets have absorbed a lot of uncertainty. The market is trying to absorb this uncertainty; it's a process of negotiation to see where the Fed will land. We have ideas of who Trump is likely to appoint, with conflicting views. The market needs to go through that noise.

In portfolios, we want to allocate to gold because it's part of a fully diversifiable portfolio. 2025 taught us you can have high uncertainty but it's important to see through the path. Consensus is around continued performance, but we're seeing more allocations to things like gold and precious metals for diversification.

From Eastspring's perspective, Asia could outperform again in 2026. We have all the noise last year and macro overhang for Asian markets. There could be an unwind and alternative mechanisms. We as investors view that again as being not negative for where we are.

From an investor perspective, asset correlation is the key worry. The last few years have seen concentration and a significant increase in correlation, making it harder to build a diversifiable portfolio. We need to build protection into portfolios. We invest in a world of uncertainty and heightened macro risks, so we need to be cognizant of that.

Coming into 2025, Asian markets were relatively attractive in valuation terms. Now we would no longer say markets are inexpensive; they are between fully priced and expensive. Movements have been driven by earnings rather than multiples. Corporate earnings have had a very strong year. As investors, we continue to focus on fundamentals.

We of course buy Japan. It has been the exceptional story. We want investors to focus on corporate earnings. It's been a story of earnings improvement and corporate Japan is investing again. These are key turning points.

The BOJ is in a different stage of the rate cycle. They will try to do something to protect the currency. They will look at a rate cycle which is likely to rise. That's a key point; it's in a different stage to the US.

I think not. Corporate Japan is also a significant player. The government is looking at stimulus to help the domestic economy. It's not simply acting early. We need to look at the data.

Large caps are much more exposed to the currency. We've been finding value in mid and smaller caps exposed to the domestic economy. There is much more positive news in that domestic economy. Our fund managers are more interested in those spaces.

India is very much a domestic story, not an AI story. Inflation in India is at a lifetime low. The central bank is clearly able to stimulate. What drives Indian markets is far and away domestic flows; they have continued to support the market. That gives potential for foreign investors. India is not a tactical play; in a portfolio, it behaves differently. When US and tech are underperforming, India has been an outperformer. It has its place in portfolios alongside China and the rest of ASEAN.