We see signs of change among international investors and a growing reassessment of how global equity portfolios are constructed. The trigger is not a single event, but a combination of geopolitical fragmentation, heavy concentration in AI-related stocks, and a continued US dominance in global indices.

We have identified four pivotal changes that point to an emerging change in market trends with investors refocusing more on fundamental and structural growth. These four changes are a revival of quality stocks, broadening out of the AI theme, the rise of China and India and the peak of US equity market capitalisation dominance.

As we embark on a new year , Bo Knudsen, our CEO and Portfolio Manager, shares his perspectives on recent market developments and where he sees opportunities as the global investment landscape broadens.

Today, economic growth and equity market leadership are very narrow and rely on a few. This has created a more volatile and uncertain environment, but also opportunities for active investment management.

The world currently seems rather unipolar with the US and President Trump setting the agenda. Investors are kept busy trying to distinguish noise from reality. This has shortened investors’ time horizon and created a more complex investment environment.