Q4 2025 Market Commentary video

Our Chief Investment Officer, William Marshall, shares a recap of 2025 and outlook for 2026.

Watch our video where we give an overview of the key headlines from 2025, including: 

• The two global themes that dominated equity markets - President Trump's tariff policy, and the rise of AI.
• Reasonable returns from both corporate bonds and emerging market bonds. 

Looking ahead to 2026, we expect the below to dominate investors' focus:

1. Economic outlook in the US.
2. Greater differentiation between AI stocks.
3. The impact of change at the Fed.