Profiles in Credit - The Annual Sit Down with Callum Thomas - 2025

Re-acceleration, rotations, and macro turning points. In this annual conversation, Geoff Castle, Lead Portfolio Manager, Fixed Income sits down with Callum Thomas, Head of Research at Topdown Charts to look back on last year's big macro calls, then look ahead to 2026. They cover the case for a global growth re-acceleration, why bonds might still offer better value than equities, what Japan's long bond is signalling, and how to think about commodities, currencies and private credit risk in a world of shifting cycles.