Investors face a tricky backdrop as they head into 2025. Valuations are high in both Australia and the United States, the bull market is stretching into its third year, and the inauguration of Donald Trump looks set to turn geopolitical uncertainty up to 11.

With this in mind, we sought guidance from the fund managers who work with Future Generation, the philanthropy-focused investment firm that runs three strategies – the Future Generation Australia and Future Generation Global listed investment companies, and the newly established unlisted investment trust, Future Generation Women – that donate 1 per cent of their asset bases to charity each year.