Geopolitical risk, driven primarily by shifting US trade and security policy, has become the dominant force shaping global markets, alliances, and economic decisions across regions. https://npdistribution.net/pdf/fund_update/chart-of-the-week-2-feb-2026.pdf Download PDF
Geopolitical risk, driven primarily by shifting US trade and security policy, has become the dominant force shaping global markets, alliances, and economic decisions across regions. Download PDF
Following one of the sharpest two-day falls on record triggered by President Trump’s ‘Liberation Day’ tariff shock in early April, which left the S&P 500 index down by over 15% from the beginning of 2025, few would have predicted that by year end the bull market that began in October
Global markets were rattled by escalating US tariff threats, political pressure on central banks, and rising geopolitical tensions, offset partly by resilient Chinese markets and strong UK gilt performance, as investors rotated defensively amid elections, sanctions, and strained transatlantic relations. Download PDF
In December 2025, global financial markets consolidated after a year of strong returns, ending on a mixed note. US equities paused their rally, with the S&P 500 and Nasdaq finishing the month flat to slightly negative, though they secured double-digit gains for the full year. Conversely, international and emerging markets
Heightened geopolitical tensions, policy shifts and economic fragility globally are likely to keep investors cautious, support safe-haven assets, and create selective opportunities in strategic sectors such as manufacturing, raw materials and exports. Download PDF
Here is the Sanlam A.I. Machines Presentation for December 2025. Download PDF
Here is the NDL Fund Insight for January 2026. Download PDF
Markets appeared calm on the surface but experienced sharp swings as shifting expectations for Fed policy, weaker US data and speculation about a more dovish new Fed chair collided with rising doubts over the sustainability and valuation of the AI boom. Speculative AI names, semiconductors, defence stocks, crypto and China