Sarasin & Partners' Tom Santa-Olalla and Valencia Agera examine the performance of traditional safe-haven assets - gold, UK gilts, and the US dollar - in 2026, noting they have not behaved as expected amid Middle East conflict-driven volatility. The video explores the reasons for this divergence and outlines how Sarasin has positioned its multi-asset portfolios, emphasising that risk management encompasses sizing, entry price, and intended portfolio role.