Kingston, Jamaica — Rising interest‑rate jitters in Washington, wilder‑than‑usual currency swings, and commodity prices that refuse to sit still have combined to make 2025 feel like a roller‑coaster for anyone watching the markets. The message from Jamaica’s top money managers? Buckle up, but do it with a wider safety net.
One Basket Is Never Enough
Speaking at Cumax Wealth Management’s Spring Investment Forum last week, Chief Investment Officer Maurice Wright wasted no time cutting through the jargon.
“Your portfolio is simply a collection of baskets,” he told the audience at Terra Nova All‑Suite Hotel. “Fill them with different kinds of eggs—local stocks, foreign bonds, real‑estate funds, even cash‑flow businesses—so when one basket drops, breakfast is still served.”
Wright reminded attendees that Jamaica’s financial system has already survived the 1990s meltdown, the 2008 crash, and the COVID‑19 shock. The common denominator among investors who emerged stronger each time, he said, was disciplined diversification and a long‑term horizon. He even pointed to Canada’s multi‑sector market as a fertile hunting ground for Jamaicans looking to add “a slice of something different” to their holdings.
Portfolios Inside Portfolios
Diversification isn’t just about owning many asset classes; it’s also about spreading exposure within each class, Wright added. Parking too much money in a single, high‑flying Jamaican stock, no matter how beloved, “turns a smart investor into a gambler overnight.”
His prescription: build “portfolios inside the portfolio,” ensuring no one company—or even one sector—can torpedo overall returns.
Stick to the Map When the Fog Rolls In
Cumax CEO Herbert Hall took the podium next, sharing a COVID‑era war story: launching an IPO in the teeth of the pandemic’s first wave. Colleagues called him reckless; the offer was oversubscribed.
“The lesson,” Hall said, “is to respect the plan more than the panic.” He urged investors to establish written goals, revisit them regularly, and filter every headline through that lens. “Volatility is a fact of life, not a verdict on your strategy.”
Hall also teased Cumax’s exploration of digital securities offered through the Jamaica Stock Exchange’s partnership with Canadian fintech Blockstation. While details remain under wraps, he sees tokenised assets as a promising tool for achieving true global diversification at home.
The U.S. Sneezes—We Catch a Cold
Over at VM Investments, Assistant VP for Global Markets Denise Marshall Miller is watching another set of dials: U.S. inflation, Federal Reserve speeches, and the shape of the U.S. Treasury yield curve.
“When the Fed delays cutting rates, it forces Jamaica’s central bank to think twice about easing,” she explained in an interview. Higher U.S. prices translate into pricier imports for Jamaicans, squeezing household budgets and slowing corporate earnings. Tourism and remittances—two lifelines for the island—also wobble when American consumers tighten their belts.
Marshall Miller’s advice? Track the data, not your emotions. “A 20 per‑cent price drop isn’t automatically a bargain,” she warned. Investors should weigh inflation forecasts, credit‑spread moves, and tariff risks before wading in. Still, she sees opportunity in the chaos: “Global shake‑ups often knock premium brands down to attractive entry points—if you’ve done your homework.”
Opportunity Favors the Prepared Portfolio
All three professionals converged on a single takeaway: volatility is neither new nor fatal. What matters is preparation—owning assets that perform differently under stress, reviewing objectives regularly, and resisting knee‑jerk trades when headlines scream.
As Wright put it before leaving the stage, “Markets move in cycles; well‑built portfolios move forward.” For Jamaicans staring at 2025’s cross‑currents, broadening the investment mix may be the surest way to turn turbulence into long‑term traction.
