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Strategy Report ·David Roche ·08 Dec 2025

#US Dollar #India #US Diplomacy #Reserve Bank of India (RBI) #INR (Indian Rupee) #Emerging Markets (India) #US Security Policy #EU-US Culture War #NATO Trump Spells out the END.
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The publication of the US National Security Strategy last week might be written off as a Trump rant (on the lines of his UN speech) if it did not name the EU as an enemy to be undermined by US support for extremists. It is hard to see how the US and Europe can be allies and enemies at the same time. I expect the ending of the North Atlantic Alliance to be of major consequence for markets over the next year. It makes me want to put even more money in Asia. 

 There have been no changes to the Wealth Preservation Portfolio this week. It is shown at the end of this report. Currency exposure to Indian equites (a favourite) was hedged into SGD following the RBI rate cuts and currency signals. The most recent big changes involve the removal of Japanese assets as a safe-haven investment but maintaining or increasing the short 10yr JGB position. 
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