Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st December 2025
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
QuantStreet reflects on 2025 as a year that reversed long-standing U.S. market outperformance, with global risk assets leading due to an 8% dollar depreciation. Gold topped global performance, followed by European and emerging market equities, while U.S. markets still delivered respectable 17.8% returns. The firm has shifted from neutral to moderately bearish on the dollar, citing concerns about U.S. foreign policy, Fed independence, Trump administration preferences for a weaker currency, gradual erosion of reserve currency status, and rich dollar valuations. The BIS real effective exchange rate shows the dollar at multi-year highs despite 2025's decline, historically a predictor of future depreciation. However, QuantStreet remains positive on U.S. risk assets, arguing stocks may be in early stages of a long bull market supported by strong economic growth outpacing developed world peers. The firm is increasing international allocations across risk levels to align closer with target date fund benchmarks while maintaining slight U.S. overweight positioning.
QuantStreet is shifting toward a more globally diversified allocation as the dollar weakens and international markets outperform, while maintaining positive views on U.S. risk assets supported by strong domestic economic growth.
QuantStreet maintains a positive outlook on risk assets and U.S. risk assets in particular, despite the negative dollar story. The firm believes U.S. stocks may be in the early days of a long bull market, supported by strong U.S. economic growth that far outpaces the rest of the developed world.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 3 2026 | 2025 Q4 | - | Allocation, Currency, Dollar, global, international, Risk Assets | - | QuantStreet has transitioned from neutral to moderately bearish on the dollar due to concerns about U.S. foreign policy and Fed independence, Trump administration's preference for a weaker dollar, gradual weakening of dollar's global reserve currency status, and the dollar's rich valuation on a trade- and inflation-adjusted basis. The BIS real effective exchange rate shows the dollar at multi-year highs despite 2025's selloff. 2025 saw a reversal of long-standing U.S. outperformance as U.S. risk assets lagged global peers in local currency terms and especially in dollar terms due to the dollar's 8% depreciation. Gold led global risk assets, followed by European and emerging market equities. QuantStreet is increasing international allocations across all risk levels to be closer to benchmark target date funds. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
DollarDollar depreciated -9% against trading partners in 2025, worst year since 2017. De-dollarization trend accelerating as world shifts away from US. Reduced net dollar exposure from 25% to 8% following geopolitical tensions and superpower positioning concerns. |
Depreciation De-dollarization Reserves Geopolitical |
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 |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
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| No ticker commentary found. | |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||