Q4 2025 comment: Is it the end of American exceptionalism?
Mark Hawtin, Head of Global Equities team
While 2025 was strong overall for global equities, there was an increase in dispersion of returns, even within the US mega caps, with non-dollar investors benefiting from geographical diversification. Mark Hawtin, Head of the Liontrust Global Equities team, explains what has driven this.
Fundamentals finally flip – the case for mega cap underperformance is here…
Mark Hawtin, Head of Global Equities team
AI might be the biggest theme we have ever seen and has certainly been the greatest driver for equities over the past two years. But Mark Hawtin, Head of Global Equities at Liontrust, discusses how there has so far been little in terms of a fundamental roadmap for valuation, why he believes this will change in 2026 and how this will polarise returns.
How money predicts reality – the rise of prediction markets as an alternative data source
Pieran Maru, Fund Manager, Global Equities team
Prediction markets grew in prominence in 2025, generating around $40 billion in global trading volume. Pieran Maru, fund manager in the Liontrust Global Equities team, analyses what makes prediction markets powerful, why they are gaining in popularity and why they could become key data products.
Smart salmon: the digital transformation of aquaculture
Kevin Kruczynski, Fund Manager, Global Equities team
Kevin Kruczynski, fund manager in the Liontrust Global Equities team, discusses how salmon farms are embracing technology and data-driven decisions – rather than the previous guesswork and manual labour – to outgrow the broader industry. He explains how this is leading to better outcomes for the environment, business and consumers.
The market can ignore your thesis for longer than you can ignore the market
David Goodman, Fund Manager, Global Equities team
David Goodman, fund manager in the Liontrust Global Equities team, argues the assumption that fundamentals anchor markets in the short term has weakened. The growth in passives has contributed to momentum becoming a driver of flows and this means stocks can remain expensive for years and cheap for longer than portfolios and careers can tolerate. David explains what this means for fundamental investors.
India’s low correlations: idiosyncratic structural growth delivering diversification
Ewan Thompson, Fund Manager, Global Equities team
Ewan Thompson, fund manager of the Liontrust Fund, explains why India’s growing domestic investor base, world-leading growth, consistent earnings delivery, ample liquidity and the lowest correlations to global markets provides portfolio diversification in an increasingly concentrated market.
2026 Global Equities Outlook
Mark Hawtin, Head of the Global Equities Team
The economic environment is expected to be supportive of equity markets in 2026. Mark Hawtin, Head of the Liontrust Global Equities team, sets out two key drivers and why diversification will be the price of staying fully invested this year.
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