January’s newsletter reflects on a year defined by powerful themes and sharp contrasts. Global equity markets delivered strong headline returns in 2025, driven by US resilience, a rebound in Emerging Markets, and unprecedented investment in artificial intelligence. Beneath the surface, however, volatility, narrow market leadership, and shifting narratives shaped outcomes across regions. As we look ahead to 2026, the challenge for investors is not chasing stories, but navigating concentration risk, policy uncertainty, and the real pace of AI monetisation with discipline and perspective.