As 2025 draws to a close, investors are reflecting on a year that tested their emotional discipline – from Liberation Day tariffs to geopolitical events that sent markets into turmoil. What separated those who thrived from those who struggled?

In this episode of the Beyond Markets Podcast, Helen Freer sits down with Yves Klenk, Head of Client Coverage and Advisory at Julius Baer, to discuss what worked well and what worked less well this year, why resisting the urge to react emotionally was crucial, and what lies ahead for 2026. They explore the ongoing AI story and how to diversify exposure along the value chain, the case for reducing USD concentration, and why currencies like the Australian dollar and structured products deserve a closer look as investors position for the year ahead.

(00:11) - Introduction
(00:53) - The role of Client Coverage and Advisory
(01:37) - What worked well in 2025
(03:28) - What didn't go according to plan
(04:42) - Why 2025 was so tough to navigate
(06:26) - Can the AI story continue in 2026?
(08:56) - Reducing USD exposure without sacrificing yield
(11:19) - Three levels of diversification
(12:56) - How to deploy fresh capital now
(14:49) - Closing remarks

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Staying disciplined when markets test your resolve