The limits of Trump
Donald Trump likes to present himself as a leader guided by instinct and personal conviction. International treaties, diplomatic traditions, and established norms are, in his view, merely suggestions that he can ignore at will. This attitude lies at the heart of his political identity: America first, and whatever Trump believes is good for America is what will happen.
AI accelerates markets, not volatility
As a growing part of the financial community questions whether artificial intelligence has created a bubble, Fabiana Fedeli takes a different view. The CIO for Equities, Multi-Asset and Sustainability at M&G Investments argues that AI is not the source of a fundamental market imbalance, but rather acts as an accelerator of price adjustments in an environment that has become extremely fast-moving.
Silver breaks with tradition as structural shortages take hold
The silver price appears to be breaking with its traditional pattern. Where the metal has historically followed gold with a delay, silver is now moving more independently and at a faster pace. According to market participants, the recent rally is less a reaction to geopolitical tensions than the result of structural changes in the balance between supply and demand.
The expectations paradox
When everyone expects the same thing, it is time to think differently. A good example comes from Value Line, a company that makes stock market forecasts. They predict higher returns when valuations are low. Individual investors do exactly the opposite.
ETF Snapshot: Finishing the year on a high
European ETFs saw a strong 2025, raising US$373bn (US$98bn in Q4). Equity flows shifted toward EM and Europe, while cash‑focused fixed income and non‑gold commodities drove robust year‑end demand.
Chart of the week: you wouldn’t expect it, would you
An insignificant Danish pension fund dumps all its US Treasuries. Financial media eagerly jump on this headline, because that is not something most investors would just expect. About the underlying structural cause, which has little to do with a president gone off the rails, you hear a lot less.
Where are the opportunities for value investors in 2026?
After mixed results in 2025, where are the opportunities for value investors in 2026? Luc Plouvier shares our disciplined strategies for navigating uncertain markets and explains how value investing can make a difference in your portfolio.
Morningstar: NinetyOne vs Morgan Stanley in global emerging markets bonds
Local currency government bonds in Latin America and South Africa had a strong year in 2025, while major Asian countries lagged the broader market.
Trump forces Europe into strategic rethink
Donald Trump’s return to the Davos stage on Wednesday has sharpened investor focus on Europe’s exposure to a world in which geopolitics is once again shaping trade, security and capital allocation. “Everything has changed,” said Sabrina Khanniche, senior economist at Pictet.
Perspectives first half-year 2026
Twice a year, our fund managers analyse trends in the global economy and financial markets. Read the Perspectives issue for the first half-year of 2026.