January in review

Indices (total return in local currency)
S&P 500	1.4%
Nasdaq Composite	1.0%
MSCI ACWI	3.0%
Nikkei 225	5.9%
EuroStoxx 600	3.2%
FTSE 100	3.0%
Hang Seng Index	6.9%
SSE Composite	3.8%

Navigating the Year of the Horse

There are plenty of catalysts for Chinese equities in 2026, with the latest Five-Year Plan likely to be the centre of attention. We believe that there are abundant opportunities in the Chinese equity market, which still trades at a notable discount to developed markets.

Nearer the start of a multi-year cycle

Emerging markets outperformance tends to happen in multi-year cycles. The question for 2026 is whether we are closer to the end or the beginning of this EM cycle. There is strong evidence that it is the latter.

Market mispricing persists amid rising resilience

Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.

Europe is finally positioned for growth

For the first time in years, Europe can position itself as not just looking cheap, but investable. With more reforms than we have seen in decades and bolder political decision-making, Europe now has a clear line of sight to accelerating GDP and earnings growth into 2026 and beyond.

Global Equity: A resurgence of core

Global equities are entering a new regime that looks very different from the last decade. As market leadership broadens and rotations accelerate, investors are reassessing the role of core within portfolios.

A different perspective on high-yield markets

Reflecting on recent developments in the high-yield corporate debt market, Ellie Clapton and Darpan Harar provide pointers on how to identify the most attractive investment opportunities.

Emerging Market Debt Indicator – January 2026

Our EM Debt team shares its latest outlook and positioning across the investment universe.

A steadier stride: investing in a changed China in the Year of the Horse

As China moves from the Year of the Snake into the Year of the Horse, the next animal in the 12-year Chinese zodiac cycle, investors are asking whether the horse’s association with strength and dynamism will be reflected in how China’s markets are positioned to perform.

Why it pays to be active in EM equities

Capital is returning to emerging market equities. This paper sets out why the investment approach matters and why active strategies have been rewarded in emerging markets.

Why a Fed reset doesn’t change the bigger picture for US assets

A credible Fed nominee may soothe ‘Irritable Powell Syndrome’, but it doesn’t alter the structural forces driving global diversification, according to Sahil Mahtani, Investment Institute Director.

Credit Chronicle: Q4 2025

Our credit experts review how credit markets fared in the fourth quarter of the year and share the latest scorecards for the global credit universe.

China: investing in the world’s first electro-state

Following recent research trips, the Ninety One Global Environment team report back from the world’s first ‘electro-state’.

Multi-Asset Strategy Quarterly – January 2026

Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.

Podcast | Energy, geopolitics, and markets: reflections from Miami

Sahil Mahtani, Director of Ninety One’s Investment Institute, and Paul Gooden, Portfolio Manager for Global Natural Resources, discuss Venezuela and broader energy themes following the Goldman Sachs Global Energy Conference in Miami.

Hidden GEMs: An EM debt investor’s navigation guide to 2026

After a year that pushed emerging market (EM) debt further into the mainstream, opportunities to capture alpha persist across regions and instruments.

Q4 in review

Risk assets capped a strong year with gains in Q4. Equities rose, while credit and emerging markets fixed income also delivered healthy returns. Oil lagged, but other commodities finished on a high, with precious metals extending their advance. The US Federal Reserve cut interest rates twice during the quarter, but officials made it clear that the bar for further easing is rising. 

Emerging Market Debt Indicator – December 2025

Our EM Debt team shares its latest outlook and positioning across the investment universe.

2026 Investment Views

After a disorienting 12 months, investors need to recalibrate their perceptions of risk – a ‘Goldilocks’ macro environment is likely to prevail in 2026. But while conditions appear ‘just right’, thoughtful positioning is required within each asset class.

Podcast | Venezuela: on the ground in Caracas with International Crisis Group

Sahil Mahtani, Director of Ninety One’s Investment Institute, and Nicolas Jaquier, EM Fixed Income Portfolio Manager, are joined by Phil Gunson, Senior Analyst at the International Crisis Group, who is based in Caracas for an on-the-ground perspective on the rapidly evolving situation in Venezuela.

From the Middle East to Latin America, opportunities abound

Some areas of this increasingly mature asset class look expensive today. But a bottom-up perspective reveals plenty of opportunities across the globe, with enduring inefficiencies creating compelling value for investors.

Navigating the Year of the Horse

There are plenty of catalysts for Chinese equities in 2026, with the latest Five-Year Plan likely to be the centre of attention. We believe that there are abundant opportunities in the Chinese equity market, which still trades at a notable discount to developed markets.

Nearer the start of a multi-year cycle

Emerging markets outperformance tends to happen in multi-year cycles. The question for 2026 is whether we are closer to the end or the beginning of this EM cycle. There is strong evidence that it is the latter.

Market mispricing persists amid rising resilience

Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.

Europe is finally positioned for growth

For the first time in years, Europe can position itself as not just looking cheap, but investable. With more reforms than we have seen in decades and bolder political decision-making, Europe now has a clear line of sight to accelerating GDP and earnings growth into 2026 and beyond.

Global Equity: A resurgence of core

Global equities are entering a new regime that looks very different from the last decade. As market leadership broadens and rotations accelerate, investors are reassessing the role of core within portfolios.

A different perspective on high-yield markets

Reflecting on recent developments in the high-yield corporate debt market, Ellie Clapton and Darpan Harar provide pointers on how to identify the most attractive investment opportunities.

Emerging Market Debt Indicator – January 2026

Our EM Debt team shares its latest outlook and positioning across the investment universe.

A steadier stride: investing in a changed China in the Year of the Horse

As China moves from the Year of the Snake into the Year of the Horse, the next animal in the 12-year Chinese zodiac cycle, investors are asking whether the horse’s association with strength and dynamism will be reflected in how China’s markets are positioned to perform.

Why it pays to be active in EM equities

Capital is returning to emerging market equities. This paper sets out why the investment approach matters and why active strategies have been rewarded in emerging markets.

Why a Fed reset doesn’t change the bigger picture for US assets

A credible Fed nominee may soothe ‘Irritable Powell Syndrome’, but it doesn’t alter the structural forces driving global diversification, according to Sahil Mahtani, Investment Institute Director.

Credit Chronicle: Q4 2025

Our credit experts review how credit markets fared in the fourth quarter of the year and share the latest scorecards for the global credit universe.

China: investing in the world’s first electro-state

Following recent research trips, the Ninety One Global Environment team report back from the world’s first ‘electro-state’.

Multi-Asset Strategy Quarterly – January 2026

Ninety One's multi-asset growth team provides insights into the macroeconomic environment that informs our investment outlook for the coming quarter. This includes concise summaries of our asset class views.

Podcast | Energy, geopolitics, and markets: reflections from Miami

Sahil Mahtani, Director of Ninety One’s Investment Institute, and Paul Gooden, Portfolio Manager for Global Natural Resources, discuss Venezuela and broader energy themes following the Goldman Sachs Global Energy Conference in Miami.

Hidden GEMs: An EM debt investor’s navigation guide to 2026

After a year that pushed emerging market (EM) debt further into the mainstream, opportunities to capture alpha persist across regions and instruments.

Q4 in review

Risk assets capped a strong year with gains in Q4. Equities rose, while credit and emerging markets fixed income also delivered healthy returns. Oil lagged, but other commodities finished on a high, with precious metals extending their advance. The US Federal Reserve cut interest rates twice during the quarter, but officials made it clear that the bar for further easing is rising. 

Emerging Market Debt Indicator – December 2025

Our EM Debt team shares its latest outlook and positioning across the investment universe.

2026 Investment Views

After a disorienting 12 months, investors need to recalibrate their perceptions of risk – a ‘Goldilocks’ macro environment is likely to prevail in 2026. But while conditions appear ‘just right’, thoughtful positioning is required within each asset class.

Podcast | Venezuela: on the ground in Caracas with International Crisis Group

Sahil Mahtani, Director of Ninety One’s Investment Institute, and Nicolas Jaquier, EM Fixed Income Portfolio Manager, are joined by Phil Gunson, Senior Analyst at the International Crisis Group, who is based in Caracas for an on-the-ground perspective on the rapidly evolving situation in Venezuela.

From the Middle East to Latin America, opportunities abound

Some areas of this increasingly mature asset class look expensive today. But a bottom-up perspective reveals plenty of opportunities across the globe, with enduring inefficiencies creating compelling value for investors.

Navigating the Year of the Horse

There are plenty of catalysts for Chinese equities in 2026, with the latest Five-Year Plan likely to be the centre of attention. We believe that there are abundant opportunities in the Chinese equity market, which still trades at a notable discount to developed markets.

Nearer the start of a multi-year cycle

Emerging markets outperformance tends to happen in multi-year cycles. The question for 2026 is whether we are closer to the end or the beginning of this EM cycle. There is strong evidence that it is the latter.

Market mispricing persists amid rising resilience

Increasingly relevant and in focus, EM debt has entered a more resilient and mature phase. But market inefficiencies continue to provide ample opportunity.

Europe is finally positioned for growth

For the first time in years, Europe can position itself as not just looking cheap, but investable. With more reforms than we have seen in decades and bolder political decision-making, Europe now has a clear line of sight to accelerating GDP and earnings growth into 2026 and beyond.

January in review

Global equities

Latest insights

Global Equity: A resurgence of core

A different perspective on high-yield markets

Emerging Market Debt Indicator – January 2026

A steadier stride: investing in a changed China in the Year of the Horse

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