Equities
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White papersEmerging Markets: Uncovering Key Alpha Drivers Amid Shifting Global Dynamics
Emerging Markets (EM) enter 2026 on the heels of an exceptional 2025 — a year defined by strong total returns and resilient fundamentals despite global volatility. The EMBI Global Diversified returned 14.3%, the GBI-EM Global Diversified returned 19.3%, and the CEMBI Broad Diversified returned 8.7%.
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White papersQ4 2025 Equity Market Review
It has often been said that success and happiness lie within the journey rather than at the destination. For small cap investors, 2025 was a turbulent and twisting ride whose volatile journey fortunately ended with a successful outcome. After the 2024 Presidential election, equity markets rallied as many investors assumed the new administration’s focus on lower regulation and taxes would be beneficial to growth. Underlying economic activity was supportive of this conclusion, driven by consistent employment growth, better inflation trends and increased consumer activity.
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White papersUK Value – Beware the rear-view mirror…
In his latest insight, Matthew Tillett, Fund Manager of the Premier Miton UK Value Opportunities Fund, explores how persistent “crisis narrative” sentiment has weighed on UK SMID, despite improving fundamentals. With valuations still sitting at a steep discount to both UK large caps and international peers, the big question is: could 2026 be the year UK SMID starts to regain lost ground?
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White papers2025 in review, 2026 positioning: A US investor outlook
Hugh Grieves, Fund Manager of the Premier Miton US Opportunities Fund, reflects on a year shaped by two powerful and opposing forces in US equities. 2025 saw a sharp shock to economic confidence, set against a renewed wave of optimism driven by accelerating investment in artificial intelligence. As we move into 2026, understanding how these dynamics played out, and how they may now be evolving, is critical to positioning portfolios for the year ahead.
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White papersAsia ex-Japan Equity: Letter to Investors
The Strategy’s performance last year was boosted by the stellar performance of South Korean stocks – the best performing large equity market in the world in 2025. In our Letter to Investors, we discuss how we are responding to the rally and whether there is still value in our South Korean holdings.
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White papersEquity Market Outlook 1Q 2026
In the following collection of charts, we a) reaffirm our belief that supportive macroeconomic and capital-markets forces have the potential to drive further equity gains; b) address what we view as some of the more important risks to our thesis (including potential drawdowns that tend to accompany mid-term election years, as well as rising bond market volatility); and c) offer tactical portfolio guidance across various equity markets.
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White papersEvergreen Private Equity Investing: Key Benefits of a Direct, Multimanager Approach
An expanding array of evergreen funds now aims to deliver continuous private equity exposure with lower barriers to entry. But not all approaches are created equal.
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White papersAdjusting to evolving trends: Democratization and enhancing opportunities in private equity secondaries
Private equity (PE) has outgrown its ‘alternative asset class’ status over the last two decades. With assets under management (AuM) now exceeding USD 10 trillion, it has become a core component of both institutional and private wealth portfolios. This transformation reflects not only the growth in capital inflows but also structural shifts across the broader corporate and investment landscape.
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White papersEmerging Markets: The Next Phase in Market-Broadening
At the same time developed markets have been generating policy and macro noise, emerging markets have been quietly outperforming. We expect EM risk assets to continue to deliver.
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White papers2026 Equity Outlook: Alpha in the AI Age
Global equities climbed to new heights in 2025 despite trade and tariff turbulence and big questions about who will win and lose amid massive AI advancements and spending. Throughout the uncertainty, we have maintained our focus on identifying companies whose prospects are underappreciated by the market.
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White papersGlobal Emerging Markets: ESG Materiality H2 2025
In the latest issue of Global Emerging Markets (GEMs) ESG Materiality, we provide an update on our voting and engagement activity over the last 12 months, and shine a spotlight on our approach to climate-adjusted valuations.
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White papersRedefining the horizon: Top 10 with… Interview with Diana Celotto and Sven-Christian Kindt on private equity
Private equity responds to market changes by offering investment solutions, flexible mandates, and access to established managers. Leveraging a global network and deep expertise, clients benefit from tailored risk management strategies and exposure to private equity opportunities. Through thorough due diligence, strategic portfolio structuring, and a responsive platform, UGA – Private Equity aims to support investors in navigating the evolving private equity landscape.
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White papersHow to thrive amid a confluence of generational shifts
If we look back at equities over recent history, markets have tended to move in decadal mega cycles, where one major ‘theme’ has dominated returns.
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White papersEquity Outlook 2026: Mapping a New Spectrum of Return Drivers
Our playbook for 2026 aims to address real risks by expanding allocations in new directions.
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White papersLooking ahead after an exceptional 2025
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.
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White papersGlobal SMID Equity Engagement*, Q4 2025 case study: Credicorp
Our Global SMID Equity Engagement Q4 2025 case study looks at Credicorp, Peru’s leading financial group, and the vital role it plays in promoting financial inclusion in the country.
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White papersTaking the measure of private equity
Investors have multiple metrics to assess performance.
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White papersEurozone Multi-Asset shines in 2025
A 50-50 Eurozone equity and fixed‑income index has delivered only two negative annual returns since 2015, showing how diversification across asset classes and a long-term investment horizon can help overcome volatility. The 2022 exception – when both equities and bonds delivered negative returns – was followed by three years of above-average returns.
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White papersEquities: Stay Invested, Stay Diversified
Looking back over the past year and ahead to 2026, it feels especially relevant to re-emphasize the importance of staying invested and diversified.
