| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
2025 delivered exceptional global market returns despite significant challenges including unprecedented US tariff increases and a 43-day government shutdown. Global equities gained 22.3% with international markets leading performance - non-US developed markets returned 31.9% and emerging markets 33.6%, their strongest relative performance since 2009. The US dollar's 10% decline amplified returns for USD-based investors with international exposure. Central bank easing cycles supported markets, with the Federal Reserve cutting rates 75 basis points and other major central banks following suit. AI themes dominated headlines with NVIDIA reaching a $5 trillion market cap, but the benefits extended beyond mega-caps to diversified portfolios. Fixed income delivered positive returns despite mid-year volatility, with corporate credit spreads reaching multi-decade lows. Trade tensions that dominated the first half eased by year-end as negotiations progressed. Looking ahead to 2026, the consensus outlook remains constructive with opportunities expected across regions, market caps, and sectors, reinforcing the value of global diversification and disciplined rebalancing.
Global diversification proved its value in 2025 as international and emerging markets significantly outperformed US equities, while AI themes broadened beyond mega-caps to benefit diversified portfolios.
The consensus view is broadly optimistic on the market outlook for 2026. We believe the stage is set for another constructive year ahead, unlocking opportunities across regions, market caps, and sectors.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 15 2026 | 2025 Q4 | NVDA | AI, Central Banks, diversification, Dollar, emerging markets, fixed income, global, Trade Policy | - | AI dominated market headlines throughout 2025, with NVIDIA briefly becoming the first public company to reach a $5 trillion market cap. The AI theme touches… |
| Oct 20 2025 | 2025 Q3 | - | - | - | - |
| Jul 17 2025 | 2025 Q2 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
GlobalInternational and emerging market equities dominated performance with annual returns above 30%, reinforcing the case for global diversification. Non-US developed markets gained 31.9% while emerging markets gained 33.6% for 2025. |
Diversification International Emerging Markets Outperformance Currency | |
Trade PolicyRecent tariff policies continued to negatively impact U.S. consumers and companies throughout the year. However, international companies have been finding new trade arrangements and growth opportunities, benefiting from shifts in global trade patterns as the new U.S. administration alters terms of international cooperation. |
Tariffs International Growth Cooperation Impact |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
