Month: March 2025

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2025 investment trends: Trump’s impact on global markets

We have conducted our wealth management survey again in 2025. Here is what UK wealth managers expect to happen with investment demand under Trump’s policies.

  • 94% of UK wealth managers favour US equities under Trump’s pro-business policies, and 90% predict growth in emerging markets.
  • 82% see UK property as a strong hedge against inflation, signalling a shift toward stability-focused investment strategies.
  • 58% of respondents highlight fine wine, art, and classic cars as attractive investments, reinforcing the trend toward tangible, wealth-preserving assets amid economic uncertainty.

With the return of Donald Trump to the White House in 2025, the global investment landscape is experiencing heightened volatility. Events could unfold in any direction given President Trump’s inherent unpredictability – making it more crucial than ever for investors to prepare for the unexpected.

His administration’s tax and trade policies – historically pro-business, protectionist, and favouring domestic production – are already creating ripple effects far beyond US borders. For UK investors, this means a reassessment of how political developments shape financial decisions.

While Trump’s policies could drive stock market rallies, lower corporate taxes, and encourage capital repatriation, they also pose potential risks – such as renewed tariff wars, increased market fragmentation, and a more aggressive stance on trade negotiations. 

The last time Trump held office, his administration imposed tariffs on European wines, disrupting trade and affecting fine wine markets in both the US and UK. In 2025, the geopolitical and economic landscape is vastly different, and while tariffs remain a possibility, the bigger picture suggests that alternative assets – including fine wine – may play an increasingly important role in UK investment strategies.

Investment trends forecast

The expected increase in demand for assets under Trump’s tax and trade policies underscores a broader flight toward stability, alternative assets, and tangible wealth preservation. The following results are based on a 2025 survey among UK wealth managers and independent financial advisors. 

Strongest performing asset classes

US stocks
US equities are projected to see the biggest increase in demand, favoured by 94% of investors. This is a continuation of the 2024 trend, fuelled by expectations of corporate tax cuts, deregulation, and a more business-friendly environment. Historically, Trump’s economic policies have supported stock market growth, and investors appear confident in a similar outcome this time around.

Emerging market stocks
Emerging markets follow closely, with 90% of respondents anticipating increased demand. During Trump’s first term, emerging markets posted positive results, achieving 13.6% annualised growth. However, with Trump’s history of trade wars and potential geopolitical tensions, investors are likely to tread cautiously, focusing on regions that align with US trade interests.

Property
UK property is also enjoying rising demand, according to 82% of wealth managers. At the start of 2025, buyer activity rose 13% year-over-year, with new sales agreed up 12% over 2024. More properties are reaching sale-agreed status, and a 10% increase in listings suggests previously hesitant buyers are re-entering the market. As real estate remains a hedge against inflation, demand for prime and luxury properties is expected to strengthen further.

Cash
The old adage ‘cash is king’ rings true for 80% of investors, reflecting a preference for liquidity amid economic and geopolitical uncertainty. With interest rates still elevated and market volatility expected, investors appear to be holding significant cash reserves, waiting for the right moment to deploy capital.

Alternative and safe-haven assets

Bonds
As fiscal policy and interest rate expectations evolve, 72% of investors see bonds as an attractive asset class. With central banks adapting to economic shifts, fixed-income investments may serve as a stabilising force in portfolios.

Non-US developed market stocks
While US stocks dominate, 72% of investors also foresee demand for non-US developed markets, particularly in regions that may benefit from a changing trade landscape.

Startups & venture capital
With Trump’s pro-business policies likely to fuel entrepreneurial activity, 70% of respondents see an uptick in demand for venture capital and angel investing. Lower corporate tax rates and deregulation could further incentivise innovation and high-growth sectors.

Luxury collectibles
The category that includes fine wine, art, and classic cars is expected to see greater demand, with 58% of respondents highlighting it as an attractive asset class. Given fine wine’s historical resilience during economic downturns and inflationary periods, investors may see it as a store of value amid uncertainty.

Moderate to low confidence assets

Digital currency
Despite Trump’s previous scepticism toward cryptocurrency, his recent endorsement of digital assets may explain why exactly half of respondents see further growth in this sector. While regulatory uncertainty persists, crypto remains a potential high-risk, high-reward investment.

Precious metals
Traditionally a go-to safe haven during market turmoil, precious metals received the lowest investor confidence in our survey. With only 48% forecasting increased demand, this suggests investors may be looking toward more dynamic, yield-generating alternatives rather than passive gold holdings.

Stay tuned for the 2025 edition of the WineCap Wealth Report – published next week.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Climate change in Bordeaux: are new varieties the answer?

Heat resistant grape varieties

WineCap spoke with leading Bordeaux estates on the much-discussed possibility of introducing new, heat-resistant grape varietals to this leading wine region to mitigate the impact of global warming.

    • Adaptive viticulture and winemaking were the prevalent answers to coping with climate change.
    • The minority considered old resilient Bordeaux varietals and new grapes.
    • Heritage and current appellation laws are significant.

 Adaptive winemaking: Château Pichon-Baron

Christian Seely, managing director of AXA Millésimes, owner of Château Pichon-Baron was firm that the response to climate change was not the introduction of new cultivars but rather adaptive winemaking.

‘Here at Pichon, 25 years ago, the blend tended to be around 65% Cabernet Sauvignon, 35% Merlot. These days, it’s 80% or more Cabernet Sauvignon and 20% Merlot,’ he told WineCap. ‘It’s not an answer to climate change, but it’s how we’re adapting because we are having more hot, sunny years which enable us to get the Cabernets magnificently ripe. In the old days, when we hadn’t got the Cabernets perfectly ripe, a nice bit of ripe Merlot was a useful element in the blend. It’s still a useful element, but we need less of it.’

This approach also softens the grape alcohol content that has steadily risen along with warmer growing seasons. ‘Merlot grapes here will probably have one degree more of alcohol than Cabernet. If you want to keep your wines under 14% abv, which we do at Pichon, one way of doing that is to increase the proportion of Cabernet Sauvignon.’

Traditional vineyard management and quality over trend: Château Canon-la-Gaffelière and Château Calon Segur

Stéphane von Neipperg, proprietor of Château Canon-la-Gaffelière, was uncompromising on his views about new varieties, preferring skilled, traditional viticulture instead.

‘Increasingly, some technical people are speaking about new varieties for wines. I’m just against it,’ he told WineCap. ‘They’re not proving that the quality is outstanding. They only prove that they don’t need to spray against mildew.’

Von Neipperg stressed the château’s effective practice of copper spraying which complements the composition of its vineyard soils and its cultivation of old vines that display hardiness to warmer summers.

‘We are well known for old vines. We have our own genetics and I think this is much more important than these new varieties.’

Vincent Millet, general manager of Château Calon Ségur has a similar approach to dealing with rising temperatures: massal selection and a decades-long vineyard restructuring plan to be completed in 2035.

‘We recovered old Merlot vines from 1940, Petit Verdot from the 1930s, and Cabernet Franc from the 1970s. We have created our own collection,’ he told WineCap. ‘This collection allows us to preserve a genetic heritage…which allows us to try to resist the increases in temperature.’

Under this climate change-defying scheme, rather than planting new cultivars, the château plans to plant more Cabernet Sauvignon and adjust the quantities of the other traditional Bordeaux varietals.

Potential of resilient Bordeaux varieties: Château Saint Pierre and Château Beychevelle

For co-owner of Château Saint Pierre, Jean Triaud, there is the possibility of regional heat-tolerant grape varieties thriving in warmer climates, making a comeback. He cited Malbec, a varietal that originated and still grows in southwest France and now flourishes in Argentina and Carménère, formerly planted widely in the Médoc and now the flagship black grape of Chile.

‘Those great varieties come from Bordeaux, but finally work much better in other places thanks to the weather. Why not come back?’

However, referring to appellation laws, he acknowledged that the situation was complex. ‘But it’s not so easy because here we don’t decide all the rules,’ he added.

While acknowledging the strict limitations of the appellation system, Philippe Blanc of Château Beychevelle had a similar perspective.

‘The most sensible thing would be to take varieties coming from the south, mainly Spain and Portugal, and see how they adapt here,’ he told WineCap. ‘It’s always this way. You go north and plant Pinot Noir in Sweden or Brittany or Chardonnay in Kent. Maybe it’s good to invest in Brittany or Normandy to make new vineyards in the future.’

Restrictive appellation laws: Château Beychevelle

General manager of Château Beychevelle, Philippe Blanc, is open to the possibility of introducing new heat-resistant grape varieties but recognises that the French appellation system is slow to react and evolve.

‘It takes a lot of time to reach an agreement. If I decide to plant Shiraz, I can make Vin de France, but I can’t make Saint-Julien. So, in terms of value, it’s difficult to do,’ he said. ‘I’ve got no new varieties but, we’ll keep an eye on this and as soon as we’re allowed to plant new grapes, even 2% or 3%, we’ll do it.’

Value of regional heritage and legacy: Château Margaux and Château Troplong Montot

Philippe Bascaules, managing director of Château Margaux said that the estate has the possibility of cultivar changes in mind and a designated block of vineyard for experimentation with new varietals. However, he told WineCap, ‘it’s not decided’.

‘Cabernet Sauvignon is the core of the blend of Château Margaux. The decision to change that is a big one. I’m not considering doing it in the next 50 years.’

Commercial director of Château Troplong Montot, Ferréol du Fou, was more direct about the option to use heat-resistant grapes as a buffer against climate change.

‘Burgundy has Pinot Noir. Bordeaux has Merlot, Cabernet Franc, Cabernet Sauvignon, and Petit Verdot. The solution is to work more in the vineyard, it’s not planting Tempranillo. It’s a plaster, it’s a bandage. We have to think about the next generation,’ he told WineCap. ‘Making Tempranillo in Bordeaux is stupid. I’m a bit harsh, but this is the truth for me.’

See also our Bordeaux I Regional Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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What makes a great vintage?

Chateau Angelus vineyard
  • Grape quality and winemaking are central to vintage calibre.
  • The importance of the vintage varies according to the region.
  • An ‘average’ vintage can also increase in value.

‘A year of extremes’, ‘good yields’, ‘a cool start and wet finish’, ‘poor’, ‘outstanding’. These are typical phrases that describe the character of a particular vintage – but how do they, ultimately, translate into quality? Anyone interested in wine investment needs to be aware of the vintage impact on price and performance.

This article explores the factors that shape a ‘great vintage’ – from vineyard conditions to winemaking methods. Key figures at Bordeaux estates also weigh in with their comments on their preferred vintages from their châteaux. 

What does vintage mean?

The vintage indicates the year grapes were harvested. The wine made from such fruit reflects the weather conditions that the vine growth cycle experienced. Features like terroir and winemaking methods also impact the quality and character of a wine. However, winemakers often comment that wine is made in the vineyard meaning that the condition of the fruit is the dominant factor in a wine’s profile, cellar-worthiness and, ultimately, value. 

Is vintage always important?

The vintage year is of vital importance in some regions but of little significance in others. This depends on the local climate. 

If a climate features variable weather conditions each season, the resulting wine will display different traits every year. For example, in one particular year, grapes could contain higher or lower acidity than in previous vintages, more or less fruit concentration, or different sugar levels. Such factors affect the quality and identity of the wine, its age-worthiness, its valuation and the potential for this valuation to grow.

Regions where weather conditions are inconsistent year-on-year include Bordeaux, Burgundy, Champagne, the Rhône Valley, Napa Valley, Tuscany, and parts of Australia. This is why vintages from these areas frequently feature in discussion on drinkability, ageing potential and wine investment opportunities.

In places where climate and weather are more stable and wine character more uniform, vintage is, generally, less important. Such wine-producing countries and regions include Argentina, Chile, Spain, parts of California and New Zealand.

What factors influence a vintage’s quality?

The natural factors that contribute to the quality of a particular vintage include optimal weather conditions. Throughout the growth cycle of the vine, a balance of adequate rainfall, warm and dry conditions during the growing season, and cool nights aid the development of quality fruit. This means that the harvested berries contain an ideal balance of acidity, sugars, and tannic potential for the style of wine being made. Extremes like frost, hail, heatwaves and heavy rain can negatively impact the delicate equilibrium of these features, influencing the calibre of the wine. 

On the occasions when all environmental conditions line up harmoniously, the result is exceptional fruit and what is often referred to as a ‘legendary’, ‘exceptional’ or ‘outstanding’ vintage. Such years are rare and, therefore, memorable with resulting wines much sought after. 

The human influence on vintage quality encompasses a wide spectrum of vineyard practices that are utilised whenever necessary to mitigate unfavourable weather. Skilled vineyard management includes:

  1. Protection against frost with vineyard heating strategies.
  2. Organic and/ or biodynamic practices that can affect wine quality and potential.
  3. Disease pressure tackling to help prevent damaging vine ailments like rot or mildew.
  4. Hydric stress or excess rainfall management implemented at key stages to ensure balanced grape flavour concentration.
  5. Canopy management and foliage thinning to enhance grape quality.
  6. Timely harvest for optimal flavour and ripeness balance.

These vineyard approaches are the outcome of years, decades and even centuries of vinicultural experience and constitute part of the heritage of each wine region, adding to a vintage’s esteem and worth. Winemaking expertise similarly contributes to enhancing the value of a vintage.

Can vintage value evolve?

In wine investment, the value of a vintage is not necessarily fixed. While great vintages tend to enjoy ongoing value growth, other years can also display value development potential.

In short, while vintage is an anchor for a wine’s value in regions where it is a factor, it does not bear the sole influence on valuation. Other important determinants include:

  • Provenance
  • Age-worthiness
  • Producer/ winemaker/ brand reputation
  • Critic scores
  • Storage conditions 
  • Scarcity
  • Market trends

The Bordeaux perspective

WineCap asked Bordeaux winemakers which of their own vintages they would purchase and why. The replies illustrated some of the elements that make a great vintage.

Stéphanie de Boüard-Rivoal, co-owner and CEO of Château Angelus spoke of cellaring potential. ‘I would get a 2016,’ she said. ‘It is an incredible vintage, particularly for its depth, its complexity, and 100 years plus aging potential’.

Nicolas Audebert, winemaker and General Manager of Second Growth Château Rauzan-Ségla in Margaux mentioned how a vintage with a small crop led to an unexpectedly notable wine. ‘The concentration, the roundness, juiciness and intensity of the fruit in the 2018 is fantastic. It is a little bit outside of the classic, elegant style of Rauzan and Margaux, but so interesting in the reflection of the climate we had that year’.

Aline Baly, co-owner of Château Coutet, in the Barsac appellation highlighted excellent conditions and vineyard management for her choice: ‘The 2009 vintage is a combination of exceptional weather and exceptional work in the vineyard’.

For General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas, provenance and reputation were key to her vintage selection. ‘That would be 2019, because it’s the first vintage we created with Yann Monties, the technical director and also it is the 50th vintage for the Fayat family because they bought the château in 1969. So it is a very good vintage in terms of quality, but also full of history’.

Rarity and value-for-money drove the choice for Stéphane von Neipperg, owner of Château La Mondotte, a Premier Grand Cru Classé house in Saint Emilion. ‘It is very difficult to find 2009 of La Mondotte, but a very outstanding vintage if you want to invest in it in the future. Also, it is not so expensive’. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Bordeaux winemakers reveal their top vintages for investment

Pontet-Canet vineyard, Bordeaux

WineCap has spoken with key figures from leading Bordeaux estates on their wine investment preferences. They share their thoughts about where they would invest €10,000 today.

  • Vintage quality is cited as the main driver of choice.
  • There is a variety of investment-worthy vintages across the region.
  • All interviewees chose vintages younger than 2015. 

Château Clinet, Pomerol – 2020 vintage

‘If I had €10,000 to spend on a vintage of Château Clinet for collecting, that would probably be the 2020 vintage’, said Ronan Laborde, Managing Director and owner of the house. ‘The 2020 vintage is a wine with a lot of qualities. It is very smooth, highly complex and has lot of vibrating intensity.’ 

Laborde said that, in terms of recent vintages, it was probably the one he was most proud of and recognised that 2020 had been highly supported by great weather conditions – plus ‘sometimes you have luck on your side’. ‘When I taste the wine now, I say, wow, it is the one I would like to invest for collection,’ he told WineCap.

The 2020 vintage was an illustration of how optimal weather conditions throughout the growing season and harvesting support excellent wine quality. The wine received 94 points from Neal Martin and 95 points from Antonio Galloni (Vinous), who called it ‘hugely impressive, as it was from barrel’. Jeb Dunnuck awarded it 98 points, naming it ‘one of the finest Pomerols in the vintage’. The wine has fallen 13.5% in value since release. On a brand level, Clinet has enjoyed a 47% increase in the last decade. 

Château Pontet-Canet, Pauillac – vintage diversity

Justin Tesseron, co-owner of Château Pontet-Canet had a more philosophical approach, emphasising ‘vertical’ cellaring for variety and value growth potential. ‘I would buy wine for every occasion…wine to drink now…wine to keep. I would buy wine for the future generations,’ he told WineCap.

‘But I think what is good in wine is to have one vintage for every kind of occasion. So, I would not spend €10,000 on one vintage. I would buy maybe the last ten vintages or similar.’

The majority of the last decade of Bordeaux vintages fell into ‘excellent’ and ‘legendary’ categories with 2015, 2016 and 2018 in Pauillac particularly notable years. When it comes to value and growth potential, the 2014, 2017 and 2020 vintages stand out. Prices for Pontet-Canet are up 11% in the last five years, and 28% over the last decade.

Château Troplong Mondot, Saint-Émilion – 2015 & 2019 vintages

For Ferréol du Fou, Commercial Director and Sales Manager of the château, dividing such a sum between collectible and ready-to-drink wines and among several vintages would be the best approach. 

‘If you have to invest, then invest in 2015,’ he said. ‘It still has a very good price and it will increase in the future, I’m sure. It is a huge vintage’. 

At the ten-year mark, critics have started to re-taste the 2015 vintage. The 2015 Troplong-Mondot currently sits 6.8% below its release price. For Antonio Galloni, it was ‘one of the stars of the vintage’ and ‘a viscerally exciting, resonant wine’. When writing for the Wine Advocate, Lisa Perrotti-Brown MW gave it 96-points and said: ‘This pedal-to-the-metal beauty is the ultimate indulgence for the hedonists!’

Ferréol du Fou also advised buying the 2019 vintage for investment, released during Covid: ‘It is first of all an amazing vintage. Plus it is one of the cheapest vintage from Bordeaux and Troplong Mondot’. ‘So this is the one you have to invest as soon as possible to make sure to have first few bottles in your cellar and to feel that you have landed a good deal,’ said Fou. 

The wine is currently available 15.0% below its release price and remains one of the most undervalued Troplong-Mondot vintages in the market today. On average, prices for the brand have risen 49% in the last decade.

Château Pichon Comtesse, Pauillac – 2019 vintage

Nicolas Glumineau, CEO and winemaker at Château Pichon Comtesse did not hesitate in his selection of an investment-friendly vintage. ‘I would have the 2019 Pichon Comtesse,’ he said.

Pichon Comtesse 2019 was one of only two wines during the En Primeur campaign to receive a potential perfect score from Vinous’s Neal Martin (98-100). The critic claimed that ‘you are not looking at a modern day 1982 or 2016, but something even better and more profound’. Upon tasting in bottle, Martin gave it 99 points, calling it ‘stunning’ and noting that ‘the nose reminds [him] of Latour’. Galloni was also full of praise: ‘One of the most elegant Pichon-Longueville Comtesse de Lalande I can remember tasting’. 

The vintage also presents great investment value. It is one of the best priced vintages, along with the lower-scoring 2014 and 2017. 

Château Lafon-Rochet, Saint-Estèphe – 2020 vintage

With €10,000, Basile Tesseron, General Manager of Lafon-Rochet, would invest in a relatively recent vintage. ‘I would buy 2020 for keeping,’ he told WineCap.

The wine received 96 points from Antonio Galloni, who called it ‘superb’ and ‘one of the classiest, more refined Saint-Estèphes’. Neal Martin (93 points) also agreed that it was ‘excellent’.

The 2020 vintage has fallen in value since release and sits below the brand’s average price. Our Lafon-Rochet index is up 57% in the last decade.

Cos d’Estournel, Saint-Estèphe – 2016, 2018 & 2020 vintages

Charles Thomas, Commercial Director of Cos d’Estournel admitted that he did not see wine as an asset class but rather a product to be enjoyed with friends. ‘But if I had to, obviously I would take 2016, 2018 and 2020’.

Of these three vintages, only the 2016 is currently more expensive than at release, up 10.5%. The wine boasts three 100-point scores from Neal Martin, James Suckling and Lisa Perrotti-Brown MW. Meanwhile, the 2020 Cos d’Estournel is currently down 34.4% since release, and the 2018 – 43.8%. 

The brand’s value has risen 39% in the last decade. 

See also our Bordeaux I Regional Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.