Q1 in review

Indices (total return in local currency)
S&P 500	-4.4%
Nasdaq Composite	-10.3%
MSCI ACWI	-1.3%
Nikkei 225	-10.1%
EuroStoxx 600	5.2%
FTSE 100	6.1%
Hang Seng Index	16.1%
SSE Composite	-0.5%

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.

Is the Iran crisis an early 2020 moment for markets?

War in the Middle East and the disruption of energy flows through the Strait of Hormuz has potentially introduced a stagflationary shock at a time when markets were positioned for a goldilocks or reflationary backdrop. There are three parallels to the early 2020 dynamic that investors should note, according to Sahil Mahtani, Director, Investment Institute.

The physical reality of an oil shock

The closure of the Strait of Hormuz has triggered a severe global oil supply shock, leaving the market with a deficit that available alternatives cannot meaningfully offset. While prices have yet to fully reflect the strain, tightening inventories and disrupted flows point to higher near-term volatility and a lasting shift in the oil price outlook.

Emerging Market Debt Indicator – February 2026

Reflections on developments across the EM Debt investment universe in February, with an update on portfolio positioning in the context of the current conflict in the Middle East.

Reassessing emerging market equity allocations

Market conditions appear to be shifting in favour of emerging market equities. We explore how to structure an allocation to achieve broad exposure to the return-potential of the asset class while managing risks.

Oil shock: when geopolitics shuts the taps

Oil markets have reacted sharply to the effective closure of the Strait of Hormuz. Paul Gooden, Head of Global Natural Resources at Ninety One, explains why the disruption is reverberating through oil and gas markets, how supply constraints are pushing prices higher, and what it could mean for energy markets in the weeks and months ahead.

February in review

Financial markets were broadly positive in February. US Treasury yields declined and global equities posted gains on resilient economic data. However, technology stocks had a weaker month, selling off amid concerns about potential disruption from AI. Commodities were again strong: precious metals continued to rally, while oil prices rose, partly on fears of escalating conflict in the Middle East. US-Israeli strikes on Iran took place on the final day of the month after most financial markets had closed. Meanwhile, the US Supreme Court struck down some of the tariffs imposed last year, although new levies were soon introduced via an alternative legal route.

The new commodity order: geopolitics, AI and the scramble for resources

A new commodity order is taking shape, defined by geopolitical fragmentation, electrification, supply constraints, regionalisation of energy and materials markets, and a re-ordering of global supply chains.

War in the Gulf

War in the Middle East has brought one of the market’s long-standing geopolitical fault lines into sharp focus, particularly the risk of disruption in the Strait of Hormuz. Against an already fragile backdrop, the key question is whether this episode remains contained or escalates into a shock with global economic consequences.

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.

January in review

A noisy month in geopolitics drove up market volatility, but global equities made gains – helped by signs of strength in the global economy. US dollar weakness and inflows from investors seeking diversification boosted emerging market (EM) assets. In fixed income, softer inflation data supported European bonds, but political uncertainty jostled Japan's yield curve. Commodities made a strong start to the year.

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.

Is the Iran crisis an early 2020 moment for markets?

War in the Middle East and the disruption of energy flows through the Strait of Hormuz has potentially introduced a stagflationary shock at a time when markets were positioned for a goldilocks or reflationary backdrop. There are three parallels to the early 2020 dynamic that investors should note, according to Sahil Mahtani, Director, Investment Institute.

The physical reality of an oil shock

The closure of the Strait of Hormuz has triggered a severe global oil supply shock, leaving the market with a deficit that available alternatives cannot meaningfully offset. While prices have yet to fully reflect the strain, tightening inventories and disrupted flows point to higher near-term volatility and a lasting shift in the oil price outlook.

Emerging Market Debt Indicator – February 2026

Reflections on developments across the EM Debt investment universe in February, with an update on portfolio positioning in the context of the current conflict in the Middle East.

Reassessing emerging market equity allocations

Market conditions appear to be shifting in favour of emerging market equities. We explore how to structure an allocation to achieve broad exposure to the return-potential of the asset class while managing risks.

Oil shock: when geopolitics shuts the taps

Oil markets have reacted sharply to the effective closure of the Strait of Hormuz. Paul Gooden, Head of Global Natural Resources at Ninety One, explains why the disruption is reverberating through oil and gas markets, how supply constraints are pushing prices higher, and what it could mean for energy markets in the weeks and months ahead.

February in review

Financial markets were broadly positive in February. US Treasury yields declined and global equities posted gains on resilient economic data. However, technology stocks had a weaker month, selling off amid concerns about potential disruption from AI. Commodities were again strong: precious metals continued to rally, while oil prices rose, partly on fears of escalating conflict in the Middle East. US-Israeli strikes on Iran took place on the final day of the month after most financial markets had closed. Meanwhile, the US Supreme Court struck down some of the tariffs imposed last year, although new levies were soon introduced via an alternative legal route.

The new commodity order: geopolitics, AI and the scramble for resources

A new commodity order is taking shape, defined by geopolitical fragmentation, electrification, supply constraints, regionalisation of energy and materials markets, and a re-ordering of global supply chains.

War in the Gulf

War in the Middle East has brought one of the market’s long-standing geopolitical fault lines into sharp focus, particularly the risk of disruption in the Strait of Hormuz. Against an already fragile backdrop, the key question is whether this episode remains contained or escalates into a shock with global economic consequences.

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.

January in review

A noisy month in geopolitics drove up market volatility, but global equities made gains – helped by signs of strength in the global economy. US dollar weakness and inflows from investors seeking diversification boosted emerging market (EM) assets. In fixed income, softer inflation data supported European bonds, but political uncertainty jostled Japan's yield curve. Commodities made a strong start to the year.

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.

Q1 in review

Global equities

Latest insights

Is the Iran crisis an early 2020 moment for markets?

The physical reality of an oil shock

Emerging Market Debt Indicator – February 2026

Reassessing emerging market equity allocations

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