The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.
Key themes have the potential to shape economic developments and drive certain sectors for decades to come.
After three consecutive years of strong gains for most equity markets, nothing historically rules out a fourth.
We recommend focusing on stocks with quality characteristics and would add more duration to government bond exposure.
Stock and bond market returns face high hurdles in 2026, but we think the former should be given the benefit of the doubt.
The two largest Asian equity markets have the potential to rally further. Within corporate bonds, quality credits should prevail.