| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
The final quarter of 2025 capped a standout year shaped by Donald Trump's political actions and accelerating AI revolution momentum. Technology companies engaged in fierce competition to dominate the AI super cycle, pouring billions into data center construction with staggering energy demands. While U.S. indices experienced heightened volatility and sharp declines, emerging markets significantly outpaced U.S. equities, with South Korea's KOSPI rallying 84% to become the year's top performer. Bond markets showed mixed dynamics with corporate credit spreads narrowing to historic lows. Precious metals rallied on debasement fears, with gold setting new records. The Federal Reserve postponed its easing cycle until year-end, while geopolitical developments including Middle East ceasefires and Russia-Ukraine peace negotiations influenced markets. Looking ahead to 2026, strategists project continued but more moderate equity returns, with growth underpinned by ongoing AI integration across industries. Monetary and fiscal stimuli should provide support, particularly for Europe, emerging markets, and U.S. equities, while geopolitical developments will continue influencing risk assets.
The market environment is characterized by AI-driven technology transformation and geopolitical shifts, with emerging markets outperforming U.S. equities while AI investment creates both opportunities and correction risks.
Most market strategists project continued, though more moderate, equity returns compared with the robust gains of the past three years. Growth is expected to be underpinned by ongoing AI integration across industries. Monetary and fiscal stimuli should provide further support, with more upside for Europe, emerging markets, and U.S. equities. Geopolitical developments will influence risk assets and safe-haven flows.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 7 2026 | 2025 Q4 | - | AI, Bonds, Data centers, emerging markets, geopolitics, Precious Metals, technology | - | Q4 2025 showcased AI revolution acceleration and emerging market outperformance, with South Korea's KOSPI surging 84% while U.S. markets faced volatility. Technology companies poured billions into data centers amid fierce AI competition. Looking forward, moderate equity returns are expected with AI integration driving growth, supported by monetary stimulus and geopolitical stabilization. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
FinancialsThe Fund is currently substantially invested in the Financials sector, with performance closely tied to developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment and interest rate changes. |
Banks Insurance Interest Rates Regulation |
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