Adam Hetts and Oliver Blackbourn discuss where they assess the market implications of sustained conflict with Iran, examining energy shocks, inflation pressures, and what prolonged instability could mean for investors.

U.S.-led strikes in Iran have pushed oil prices higher and reignited geopolitical risk. Our view: markets are pricing a limited conflict, with broader investment implications still manageable unless escalation proves prolonged. As always, diversification and a long‑term perspective matter most when uncertainty peaks.

Judging by soaring asset valuations in the wake of President Trump backing away from the worst-case tariff scenario, one could believe that the threat posed by upending the global trade framework has been removed. We are more circumspect.

Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.

With investors reacting to the worst global stock market sell-off since the early days of the COVID pandemic in 2020, Portfolio Manager Oliver Blackbourn and Global Head of Multi-Asset Adam Hetts consider the all-important question – what next?

With the lagging effect of elevated interest rates potentially cooling the appetite of the economic growth engine that is the U.S. consumer, Global Head of Multi-Asset Adam Hetts at Janus Henderson Investors explains why he believes investors should take a defensive stance by prioritizing quality companies and cross-asset diversification.

While the Russia-Ukraine conflict will likely remain uncertain for some time, we believe situations like this require cool heads from an investment perspective.