We have identified four pivotal changes that point to an emerging change in market trends with investors refocusing more on fundamental and structural growth. These four changes are a revival of quality stocks, broadening out of the AI theme, the rise of China and India and the peak of US equity market capitalisation dominance.

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.