“2026 would be a year of resilient global growth amid uncertain policies and a continued global shift towards multilateralism. This underscores the importance of a global approach across equities and credit in regions such as emerging markets and Europe.”
- 2025 was an exceptional year for markets, with international equities and gold leading.
- 2026 is likely to be a year of resilient growth, but risks in the form of high valuations and high government debt remain.
- Investors should avoid expensive segments and maintain a diversified* approach in equity markets.
2025 was an outstanding year for market performance, with 90% of the 30 main asset classes we track posting positive returns — exceeding historical averages for the third consecutive year.
Gold, Chinese equities, and broader emerging markets led with returns above 30%, while oil prices fell nearly 20%. US stocks underperformed international equities, with the S&P 500 up 17.9% versus +32.7% for the global equity index excluding the US. The equity rally occurred despite the unconventional policies of the US administration, particularly on the tariff front, which impacted the safe-haven appeal of the US dollar. Geopolitical tensions and central-bank buying also supported gold.
You can now read the full whitepaper at the link below
