Lo! The year comes to pass, and with it, the last MVAM newsletter of 2025. That moment when reflection replaces forecasts, spreadsheets are briefly closed, and we realise that many of our financial worries were, more a reflection of our own insecurities than of the world itself. So here is MVAM’s reflection of 2025.

The MVAM Empire (Still Here). As December arrives, our MVAM Empire still stretches across Dorking, Hertford and York.  Recognisably the same outfit as before, but something has shifted. Funds under management have grown to a whopping £150m, up over 50% on the year, when we started with £7m, just 11 years ago. Our first decade was spent learning how to ‘stand up,’ whilst our second feels like adolescence – more energy, more responsibility. The aim, as ever, is to grow without losing sight of who we are, or what we stand for.

The Markets: A Year That Looked Scarier Than It Turned Out To Be. Market commentators, ‘the wise men’, began the year with a sense of foreboding. Warnings about high valuations, policy uncertainty and slowing global growth were everywhere. Trump and tariffs loomed on the horizon; which arrived on “Liberation Day” in early April. Not the 1st of April, though perhaps it should have been. Markets reacted sharply, briefly fooled by stories rather than data. The panic passed. That moment marked the low point. What followed has been a steady, stronger period for investors. Inflation eased, interest rates paused. We climbed the “wall of worry.”

New Arrivals (No Manger Required). Like any good Nativity, there were new arrivals. We welcomed Eleanor, Eryn and with timing worthy of the season, a Mary. Three different people. Three different stories. And yet each walked into the MVAM Empire and made it feel a little steadier, a little kinder, a little more capable.

The MVAM “Children”. In true family-newsletter tradition, we’re proud to say that Aidan, Katy, Elena, Patrick, Eleanor and Gabriele (not Gabriel, but our own little angel) all passed their exams. Every single one. No fanfare needed. Just young people working hard and moving their world forward, step by step.

We Still Don’t Mind Our Clients Either. We don’t say this lightly. Thank you. You put up with our quirks, our size when the rush is to go with the herd, our explanations and the odd delay when emails have been addressed solely to Craig! We put up with your tough questions and your 5:29pm Friday “I’ve been thinking…” emails. You’re not perfect, but we wouldn’t swap you. As somehow, between your goals and our work, something honest forms in the middle. A partnership built on trust, humour and patience. A shared understanding that money is complicated, but a little less so when you face it with people who care about each other.

Looking Ahead to 2026. Investing isn’t about predicting the future or reading the stars. It’s about adapting as things change. Noticing when you are wrong and making adjustments. The year ahead looks fine. Not spectacular. Not disastrous. The commentators are worrying about the same things they worried about last year. A seasonal tradition if ever there was one. The only certainty is, things will change and our views will change with them.

So, from all of us at MVAM, thank you for another year. We wish you a very Merry Christmas and a Happy New Year. And whatever 2026 brings, we’ll be here, adjusting as necessary.