Fund Insight – January 2026
Here is the NDL Fund Insight for January 2026. 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
On the surface, returns from most asset classes and markets appear to reflect a becalmed and uneventful month: global equities returned 0.3% (MSCI World index), and global government bonds 0.1%. However, this masks considerable intra-month volatility; the S&P 500 index suffered its biggest setback since April’s ‘Liberation Day’, with a
Here is the NDL Fund Insight for December 2025. Download PDF
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 NDL Fund Insight for November 2025. Download PDF
The unbroken run of equity market gains since April’s Liberation Day sell-off continued into October, driven again by AI stocks. The MSCI World index returned 2.0% in the month, with the S&P 500 +2.3% and the Magnificent 7 (Mag 7) megacap tech stocks +5.2%. By the end of October, the
Here is the NDL Fund Insight for November 2025. Download PDF
October saw a broad equity rally led by AI megacaps; non-US gains were muted in USD terms, and bond returns were driven more by FX than falling yields. Softer US labor/inflation set up a rate cut and QT halt, while a limited US–China truce eased select tech/tariff curbs; China stayed weak