CREDO
Portfolio Pulse
Equities


In July 2025, global equity markets recorded modest gains supported by improving investor sentiment amid reduced political uncertainty and greater clarity on US trade and fiscal policies. The S&P 500 gained 2.2% and the NASDAQ surged by 3.7%, largely driven by strong earnings from US mega-capitalisation stocks and a surge in AI related productivity. The FTSE 100 outperformed global equities with a 4.3% rise, aided by UK commodity sector strength, while the Euro STOXX 50 edged up by 0.5%, tempered by US trade policy concerns. In fixed income, the yields on US and UK 10-year bonds increased by 15 and 8 basis points, respectively, driven by higher-than-expected inflation data and growing optimism around the economic outlook. However, uncertainty remains as the US Federal Reserve Bank waits for clarity on the impact of tariffs. Commodities saw mixed returns over the month. Brent crude oil increased by 9.5% following a less-than-expected supply increase from OPEC. In contrast, copper prices declined by 14% following US President Trump’s announcement of a 50% tariff on copper imports. Currency markets saw the pound decline against both the US dollar and euro by 3.8% and 0.7%, respectively.

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The information and opinions expressed in this communication have been compiled from sources believed to be reliable. None of Credo, its directors, officers or employees accepts liability for any loss arising from the use hereof or reliance hereon or for any act or omission by any such person or makes any representations as to its accuracy and completeness. Any opinions, forecasts or estimates herein constitute a judgement as at the date of this communication. There can be no assurance that the future results or events will be consistent with any such opinions, forecasts or estimates. Investors are warned that past performance is not necessarily a guide to future performance, income is not guaranteed, share prices may go up or down and you may not get back the original capital invested.