Situasjonen i Midtøsten fortsatte å prege finansmarkedene gjennom mai. Nyhetsbildet var dominert av hyppige og til dels motstridende meldinger om både mulige fredsforhandlinger og risiko for ytterligere eskalering. Til tross for usikkerhet rundt globale forsyningskjeder og økende inflasjonspress har finansmarkedene i stor grad lagt til grunn at konflikten etter hvert vil finne en mer fredelig løsning.

The speed of change is extraordinary, with the transition to a multipolar world creating geopolitical fragmentation and the “rise of the nation state” now happening at an accelerating pace. However, the uncertainty of change can also create blind spots if you focus too much on the daily news flow rather than the long-term fundamental trajectories.

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.

Les mer om våre verdipapirfond i vår ferske årsrapport for 2025. Her finner du nyheter, informasjon om andelseiermøte, en oppdatering på alle våre fond, samt markedskommentarer og årsregnskap for fondene m.m.

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.