Anna Edwards, Lizzy Burden and Adam Linton break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Lizzy Burden and Adam Linton break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Hong Kong International Airport has been voted the world’s best airport, along with accolades recognising its security standards and facilities. An Airport Authority spokesman said on Wednesday that the city’s airport had clinched the title of “Best Airport in the World” from Global Travel Awards this year. The awards recognise the best hotels, airports, airlines, destinations and other travel fac...
Hong Kong International Airport has been voted the world’s best airport, along with accolades recognising its security standards and facilities. An Airport Authority spokesman said on Wednesday that the city’s airport had clinched the title of “Best Airport in the World” from Global Travel Awards this year. The awards recognise the best hotels, airports, airlines, destinations and other travel facilities annually, based on votes cast by 2.5 million travellers from more than 150 countries. The...
Donny DBM/iStock via Getty Images Highlights U.S. stocks ended another strong year of performance on a positive note, advancing in the fourth quarter amid robust corporate earnings and two interest cuts by the U.S. Federal Reserve. Value stocks outperformed growth shares in the fourth quarter, a notable change from the prior two quarters. The fund underperformed its benchmark, the Russell 1000 Gro...
Donny DBM/iStock via Getty Images Highlights U.S. stocks ended another strong year of performance on a positive note, advancing in the fourth quarter amid robust corporate earnings and two interest cuts by the U.S. Federal Reserve. Value stocks outperformed growth shares in the fourth quarter, a notable change from the prior two quarters. The fund underperformed its benchmark, the Russell 1000 Growth Index, due in part to stock selection in the IT sector. Market review and outlook The U.S. stock market remained on an upward trajectory in the fourth quarter, capping a third consecutive year of double-digit gains for the major U.S. equity indexes. Although momentum stocks continued to lead the market's overall advance as investor enthusiasm about AI remained high, market leadership broadened over the last half of the quarter. Sectors such as healthcare, industrials, and financials were among the better performers for the quarter. Nonetheless, IT stocks, which comprise more than a third of the S&P 500 Index and more than half of the Russell 1000 Growth Index, also fared well during the quarter. 2025 represented one of the most extreme momentum markets of the past seven decades, with market leadership concentrated in lower-quality, more speculative, and economically sensitive stocks. It isn't surprising, therefore, that the year was challenging for our quality growth strategy, which is focused on identifying and owning high-quality companies that offer reliable and durable growth regardless of the economic environment. However, we're heartened by the resilient growth opportunities across the fund's holdings and the historically attractive relative valuation of the portfolio. We believe the fund is well-positioned to benefit from continued broadening of market leadership and a softening of the extreme momentum dynamics that have dominated U.S. markets over the past few years. Contributors and detractors The fund posted a modestly positive return and trailed the performan...