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.
Janus Henderson: Capturing yield, safety and diversification through BBB CLOs
Portfolio Manager Denis Struc and EMEA Client Portfolio Manager Lead Kareena Moledina explore how BBB CLOs combine yield, resilience and diversification across market cycles.
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.
To European investors ‘sell America’ is noise
Talk of the need to lower exposure to U.S. assets grew louder this week, but asset managers in Europe are not abandoning the country. Recent market moves, they argue, do not justify a strategic shift away from the U.S., with equities rebounding toward record highs after signs of progress on Greenland at talks in Davos.
Transfers: Oddo BHF, CSSF, Ogier, Partners, Apollo, FundSight
The latest appointments and people transfers in Luxembourg and elsewhere’s in Europe’s investment industry.