Foreword | Issue 77 | 1st Quarter 2026
THE RISKS MARKETS ARE IGNORING
Investors are often taught to focus on economics. DAVE FOORD, founder of Foord Asset Management, argues that politics usually has the louder voice — and that debt and credit risk are likely to shape markets more profoundly than many investors expect.
COUNTING THE COST OF WAR
Conflict in the Middle East has put energy prices back at the centre of markets. Portfolio manager BRIAN ARCESE writes that higher oil prices do more than unsettle inflation forecasts: they complicate central bank policy, squeeze household spending and leave investors facing the awkward mix of weaker growth and sticky prices.
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SAFE HARBOUR WHEN SHOCKS STRIKE
March was a brutal month for investors. Oil surged, bonds fell and share markets sank as the war on Iran turned into a full-blown energy shock. Against that backdrop, Managing Director PAUL CLUER writes that Foord's conservatively positioned funds held up well, showing again that capital preservation matters most when markets come under stress.
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EMERGING ASIA — OPPORTUNITIES BEYOND THE HEADLINES
Asia lies close to many of the world's current fault lines, which is one reason investors approach it nervously. DALPHIN HOU of Foord Singapore argues that this wariness may be obscuring a simpler point: in a more fractured world, the region's importance may be growing, not shrinking.
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OLD LESSONS, NEW MARKET REALITIES
For decades, investors could rely on a familiar playbook. Today, that playbook is being tested. Old lessons still matter, but Investment Executive LINDA EEDES writes that new realities are reshaping where returns may come from in the years ahead.
FOORD GLOBAL EQUITY FUND: SAME STRATEGY, NEW HOME
Foord plans to bring its Singapore-domiciled Foord Global Equity Fund together with its Luxembourg counterpart in the second quarter. Foord Singapore CEO WEI LU TAN writes that the change is not about the investment strategy, but about where it resides.
DID YOU KNOW? BRETTON WOODS
Bretton Woods was the 1944 conference in New Hampshire at which 44 countries designed the post-Second World War international financial system. The objective was to forestall the competitive currency devaluations and economic turmoil that had culminated in the Great Depression.
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MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.
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