Overview
- The Global Equity Strategy returned 2.91% net in Q4 2025 versus 3.29% for the MSCI AC World Net Index as easing inflation and strong economic data supported equities.
- The firm exited Corteva, T-Mobile US, and Vertex Pharmaceuticals, and initiated Cameco, Citigroup, Elanco Animal Health, HDFC Bank, and Vertiv to realign risk–reward.
- T-Mobile was sold after pricing pressure raised ARPU concerns and 2026 guidance signaled slower profit and cash flow growth, while Vertex was sold following FDA feedback limiting a chronic pain label and weak phase II results for VX-993.
- New stakes target secular drivers: nuclear supply re-sourcing and a Westinghouse–Commerce Department reactor pact for Cameco, AI-led data-center capex for Vertiv, mortgage integration and franchise expansion at HDFC Bank, and an operational turnaround at Elanco.
- Top contributors included Eli Lilly, boosted by a U.S. administration deal expanding GLP-1 distribution, and Citigroup on transformation progress, while Estée Lauder aided Consumer Staples and MercadoLibre detracted as Amazon’s push and reinvestment pressured margins.