This month, the team discusses Trump’s new tax bill, new warning signals that have been quietly popping up in markets. Plus, an under-the-radar stock that’s a core holding for the portfolios: Assa Abloy.
Beauty's in the eye of the bondholder
10 June 2025
Article last updated 11 June 2025.
This month the team talk all things big and beautiful – not a remake of the hymn – but President Trump’s new budget bill. Deemed by some as more generous to taxpayers great than small, Elon Musk thinks it’s by no means wise and wonderful. He called it an “outrageous, pork-filled … disgusting abomination”! So what does the bill actually contain, and what are its potential implications? Next, a few warning signals have been quietly popping up in markets. Are these anything to be concerned about? Finally, the team cover an under-the-radar stock that’s a core holding for the portfolios: Assa Abloy, the world’s largest lock and access control company at the forefront of the digitisation of buildings and smarter infrastructure.
This podcast was recorded on 4 June 2025.
If during this podcast the team reference any terms you're unfamiliar with, please see our glossary which will provide an explanation.
Rathbones multi-asset investing team:
David Coombs, Head of Multi-Asset Investments
Will McIntosh-Whyte, Fund Manager, Rathbone Greenbank Multi-Asset Portfolio funds and Rathbone Multi-Asset Portfolio funds
Rahab Paracha, Sustainable Multi-Asset Investment Specialist
Hannah Kennedy, Portfolio Management Assistant – Multi Asset
About Rathbones:
Rathbones, a FTSE 250 listed company, provides individual investment and wealth management services for private clients, charities, trustees and professional partners. Rathbone Asset Management is a UK fund manager, offering equity and bond unit trusts and a multi-asset fund range to meet your capital growth and income requirements. Rathbone Asset Management Limited is a wholly-owned, London-based subsidiary of Rathbones Group plc.
This podcast is intended for retail and professional investors. Any views and opinions are those of the investment manager, and coverage of any assets held must be taken in context of the constitution of the fund and in no way reflect an investment recommendation. Past performance should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. This podcast has been produced for information purposes only and isn’t intended to constitute financial advice. Any views expressed during this recording belong to the individuals and are based on market conditions at the time of recording; Investments referred to may not be suitable for all recipients. Any mention of a specific security should not be interpreted as a solicitation to buy or sell a specific security. Rathbone Asset Management Limited is authorised and regulated by the Financial Conduct Authority. A member of the Investment Association. A member of the Rathbones Group. Registered office: 30 Gresham Street, London, EC2V 7QN. Registered in England No. 02376568.
