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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-flow-backed dividend portfolios."
In their Q4 2025 investor letter, Advisory Research reflects on a strong year of performance for their flagship Global and U.S. Select Dividend strategies. For 2026, the firm introduces its '10 Surprises for 2026' list—events priced with less than a 33% probability by the market but which they believe have a better than 50% chance of occurring. Key surprises include global economic reacceleration driven by European and Chinese stimulus, the persistence of practical AI productivity over speculative bubble fears, private market underperformance, and structural shifts in interest rates and market volatility. The firm remains highly constructive and structurally bullish on Global equities, maintaining a disciplined focus on cash-flow generative, concentrated dividend-paying companies.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Growth Outlook
Market outlook remains high conviction: Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Risk Appetite
Risk appetite posture is above average conviction: Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Forward Guidance
Forward guidance signal: Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Language Signal
Tone analysis indicates above average conviction language: Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
Time Horizon
Investment time horizon reflects a high conviction orientation. Advisory Research remains highly bullish on Global equities for 2026, driven by fiscal stimulus and global economic reacceleration, while remaining focused on concentrated, cash-fl...
