At the close of 2025, many markets looked fully priced, while gold and its miners continued to rally. Emerging markets, value and quality exposures, along with real assets, have provided ballast, while the Australian market has been led by materials. Looking forward, assessing the market’s mood and therefore prices has become difficult. Some prices are being set by greed, others are being set by fear. But if 2025 (and 2024) have taught investors anything, it is that trying to pick the top, or the bottom, is foolish. This quarter has underscored the value of resilience through selectivity and for the patient, pockets of value remain.
As we begin 2026, our latest global economic analysis explores the ingredients needed for a resilient portfolio and how to navigate the cross currents driving global and local markets – from the monetisation of AI and factor rotations to the outlook for gold.