Out with the old and in with the new, or is it?

November in review

November brought a shift in tone, with global equities pausing their seven-month ascent as valuation and policy risks reasserted themselves. Hawkish central-bank signals and fatigue in the AI trade weighed on markets mid-month, before softer data and a calmer Fed helped steady sentiment. Fixed income markets were mixed as shifting rate expectations pulled markets in different directions, while credit delivered gains despite strain in the riskiest segments. Gold remained supported and copper firmed on supply concerns.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

Under-owned but now firmly on global investors’ radars, emerging markets are set to play a bigger role in portfolios. Compelling – and often mispriced – investment opportunities can be found across asset classes, but careful selection is increasingly vital.

Emerging market’s net issuance drag is easing

A major headwind to emerging market equity performance is fading. Read how this structural shift could lift future returns and reshape the case for EM allocations.

October in review

October was a broadly positive month for markets, with equities and government bonds both performing well. Early geopolitical tensions faded as a one-year trade accord was announced between the US and China. Leadership remained narrow, with big tech dominating, lifting US equities – and many AI-exposed emerging markets. In the credit space, most asset classes delivered positive total returns, although cracks appeared in the riskiest parts of the loan market. Gold and copper reached new highs.

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.

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.

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’.

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. 

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.

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.

Maintain a laser focus on stock selection in a broadening market

2025 was a year marked by substantial volatility on an ultimately upward trend. We expect the sharp divergence across winners and losers to continue, and this lends itself to a disciplined approach to portfolio construction, driven by a laser focus on stock selection.

Beware the crowded trade

The current market has rewarded momentum and penalised discipline. If investors turn their attention to the rising concentration and valuation risks present in the market and the AI theme becomes less dominant, we expect the defensive quality attributes of select stocks to come back into favour.

Fundamental strength should be rewarded in 2026

International equities had an excellent year in 2025, although we view the dynamics as cyclical rather than structural, with the balance of risks increasingly poised to shift back in favour of fundamental return drivers. Should cyclical drivers of returns recalibrate in 2026, fundamental strength, rooted in resilient Quality attributes, should come back in favour.

An attractive alternative to the concentrated trade

The UK equity market had a resurgent 2025, but it’s unclear where leadership will lie this year. Quality and Value may have had differing return profiles in 2025, but we firmly believe they are complementary active approaches to investing within the UK. With differentiated drivers of potential return, they can add significant diversification benefits to investors’ portfolios.

A once-in-a-generation opportunity

While US mega caps continue to dominate the conversation, there are select companies in Asia and other emerging markets that have quietly become indispensable players in the global AI value chain. We believe that the ‘Secret Seven’ could help drive another positive year in emerging market equities.

25 years of 4Factor investing

The 4Factor story is one of continuous learning. Over a quarter-century, the team has evolved its tools, sharpened its thinking and deepened its discipline. Explore how this philosophy positions 4Factor to meet the demands of the next 25 years.

Alcon & Siemens Healthineers – Precision Vision vs. Precision Medicine

Where vision meets velocity – International Franchise Portfolio Manager Elias Erickson looks at how platform engineering is rewriting the rules of clinical care.

The Secret Seven: Undervalued firms at the heart of AI infrastructure

The AI boom increasingly depends on hardware. A small group of emerging market firms sit at the physical limits of that infrastructure, yet still trade at deep discounts. The “Secret Seven” may represent one of the most overlooked opportunities in global equities.

November in review

November brought a shift in tone, with global equities pausing their seven-month ascent as valuation and policy risks reasserted themselves. Hawkish central-bank signals and fatigue in the AI trade weighed on markets mid-month, before softer data and a calmer Fed helped steady sentiment. Fixed income markets were mixed as shifting rate expectations pulled markets in different directions, while credit delivered gains despite strain in the riskiest segments. Gold remained supported and copper firmed on supply concerns.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

Under-owned but now firmly on global investors’ radars, emerging markets are set to play a bigger role in portfolios. Compelling – and often mispriced – investment opportunities can be found across asset classes, but careful selection is increasingly vital.

Emerging market’s net issuance drag is easing

A major headwind to emerging market equity performance is fading. Read how this structural shift could lift future returns and reshape the case for EM allocations.

October in review

October was a broadly positive month for markets, with equities and government bonds both performing well. Early geopolitical tensions faded as a one-year trade accord was announced between the US and China. Leadership remained narrow, with big tech dominating, lifting US equities – and many AI-exposed emerging markets. In the credit space, most asset classes delivered positive total returns, although cracks appeared in the riskiest parts of the loan market. Gold and copper reached new highs.

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.

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.

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’.

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. 

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.

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.

Maintain a laser focus on stock selection in a broadening market

2025 was a year marked by substantial volatility on an ultimately upward trend. We expect the sharp divergence across winners and losers to continue, and this lends itself to a disciplined approach to portfolio construction, driven by a laser focus on stock selection.

Beware the crowded trade

The current market has rewarded momentum and penalised discipline. If investors turn their attention to the rising concentration and valuation risks present in the market and the AI theme becomes less dominant, we expect the defensive quality attributes of select stocks to come back into favour.

Fundamental strength should be rewarded in 2026

International equities had an excellent year in 2025, although we view the dynamics as cyclical rather than structural, with the balance of risks increasingly poised to shift back in favour of fundamental return drivers. Should cyclical drivers of returns recalibrate in 2026, fundamental strength, rooted in resilient Quality attributes, should come back in favour.

An attractive alternative to the concentrated trade

The UK equity market had a resurgent 2025, but it’s unclear where leadership will lie this year. Quality and Value may have had differing return profiles in 2025, but we firmly believe they are complementary active approaches to investing within the UK. With differentiated drivers of potential return, they can add significant diversification benefits to investors’ portfolios.

A once-in-a-generation opportunity

While US mega caps continue to dominate the conversation, there are select companies in Asia and other emerging markets that have quietly become indispensable players in the global AI value chain. We believe that the ‘Secret Seven’ could help drive another positive year in emerging market equities.

25 years of 4Factor investing

The 4Factor story is one of continuous learning. Over a quarter-century, the team has evolved its tools, sharpened its thinking and deepened its discipline. Explore how this philosophy positions 4Factor to meet the demands of the next 25 years.

Alcon & Siemens Healthineers – Precision Vision vs. Precision Medicine

Where vision meets velocity – International Franchise Portfolio Manager Elias Erickson looks at how platform engineering is rewriting the rules of clinical care.

The Secret Seven: Undervalued firms at the heart of AI infrastructure

The AI boom increasingly depends on hardware. A small group of emerging market firms sit at the physical limits of that infrastructure, yet still trade at deep discounts. The “Secret Seven” may represent one of the most overlooked opportunities in global equities.

November in review

November brought a shift in tone, with global equities pausing their seven-month ascent as valuation and policy risks reasserted themselves. Hawkish central-bank signals and fatigue in the AI trade weighed on markets mid-month, before softer data and a calmer Fed helped steady sentiment. Fixed income markets were mixed as shifting rate expectations pulled markets in different directions, while credit delivered gains despite strain in the riskiest segments. Gold remained supported and copper firmed on supply concerns.

Hidden GEMs: Emerging markets are poised to reshape the investment landscape

Under-owned but now firmly on global investors’ radars, emerging markets are set to play a bigger role in portfolios. Compelling – and often mispriced – investment opportunities can be found across asset classes, but careful selection is increasingly vital.

Emerging market’s net issuance drag is easing

A major headwind to emerging market equity performance is fading. Read how this structural shift could lift future returns and reshape the case for EM allocations.

October in review

October was a broadly positive month for markets, with equities and government bonds both performing well. Early geopolitical tensions faded as a one-year trade accord was announced between the US and China. Leadership remained narrow, with big tech dominating, lifting US equities – and many AI-exposed emerging markets. In the credit space, most asset classes delivered positive total returns, although cracks appeared in the riskiest parts of the loan market. Gold and copper reached new highs.

Out with the old and in with the new, or is it?