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Emerging Markets and precious metals soared in January, boosted by a weaker dollar, raised global growth prospects but volatility remained given what January brought: a US miliary intervention and presidency replacement in Venezuela, threats to follow suit in Greenland - infuriating European leaders -, further tensions in Iran, a new US Federal Reserve chair appointee, an election call in Japan that took bond yields to the highest in almost 20 years, landmark EU trade deals with India and Latin America, and the first UK prime ministerial visit to China in eight years, which infuriated the US. 

No wonder gold and silver surged by more than 20% and 60% respectively before retreating sharply on the last few days of the month, adding to volatility. Against this backdrop, a relatively strong US fourth-quarter earnings season, and benign inflation in both Europe and the US, came rather unnoticed. Developed Market Equities lagged their EM counterparts, as seen in the first chart. 

Global Value continued to outperform Growth stocks, also as investors sought to diversify from US Tech giants. Credit spreads remained at tight levels, reflecting a positive corporate outlook and a low default rate environment.

*All the above reference indices are expressed in local currency terms.
 

January 2026 Return, Net % (in local currency)