Since 2020, five major shifts have led to the current K-shaped growth structure of the global economy and equity markets, with huge divergence between winners and losers.

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.

A more fragmented and regional world challenges previous global investment paradigms – and increases the need for active and forward-looking capital allocation.

Equity markets globally reacted abruptly on Monday, 27 January, due to the introduction of the DeepSeek language model.

Avoiding the worst days is appealing – however, catching the good days in the stock market is crucial, and they often tend to follow close behind the worst days.