Europe’s defence resurgence: Mapping the opportunities
Global defence spending has surged in recent years amid escalating regional conflicts, driving a strong rally in Emerging Markets Aerospace Defence stocks – see Chart 1. This is particularly evident in Europe, where countries are embarking on a multi-year rearmament cycle in response to shifting geopolitical realities. With member states committing to ambitious spending targets, […]
Beyond the ‘Not so magnificent 17’
Why patient-centric health care companies are proving resilient As we have discussed in our most recent article – Health care: A once-in-a-decade valuation opportunity? – the MSCI ACWI Health Care Index has underperformed the wider market over the past year. In the year to the end of September 2025, the Index declined by 7.5% (in […]
On the road in…China
Colin Liang, Head of China Research, and Tianyu Xiang, Analyst, report from their recent research trip to China.Key takeaways from their visit include: Anti-Involution: The Chinese government has introduced anti-involution policies to combat deflationary pressures, aiming to support stronger long-term economic recovery. The solar industry has been identified as a key sector in advancing this […]
Harnessing reform as a catalyst for growth: Vietnam and Mexico
Economic reform programmes are creating new and sustainable sources of value across overlooked emerging markets. In our insights series, Harnessing reform as a catalyst for growth [1], we focus on markets where meaningful improvements in transparency, market liberalization and governance are paving the way for economic transformation. In this context, Vietnam and Mexico stand out. Both […]
International equities take the lead: Is the US market’s reign over?
After years of US market dominance, equities outside of the US have begun to outperform in 2025. Although the S&P 500 Index has been the best performing equity index for over 20 years, it has lagged other regional indices by a wide margin in the year to the end of August 2025. This remarkable shift […]
Biodiversity frontiers: Unlocking growth in an expanding investment universe
There is growing recognition that there are human and economic costs associated with biodiversity loss, and that these represent risk and opportunity for investors. As specialists in the natural capital transition, we understand the investment implications for asset owners and allocators to be complex and far-reaching. From the perspective of allocating to the beneficiaries of […]
Are US equity valuations justified by higher growth rates?
Ian Lance, Co-Head and Portfolio Manager, Redwheel Value & Income Team, makes a powerful case for diversifying away from US equity markets. He examines where recent earnings strength really came from, how reliant profits are on persistent fiscal deficits, and whether mega-cap, AI-led growth is sustainable or already priced in.
The investment case for Anta Sports: Who’d have thought Fila was alive and well?!
As global equity income investors, our job is to purchase good businesses when they are troubled by an investment controversy. If this controversy – a period of heightened uncertainty around a company’s outlook – is simply temporary, then one is able to purchase a quality business with a premium dividend yield on a valuation basis […]
Harnessing reform as a catalyst for growth: South Korea and South Africa
Bold economic reforms are unlocking deep value across key sectors in South Korea and South Africa. John Malloy and James Johnstone, co-heads, and Nick Smithie, head of thematic research, Redwheel Emerging and Frontier Markets, have long held that a wave of reforms is catalysing growth across the emerging universe. I
Are you sure about that? The folly of forecasting
Ian Lance, Redwheel Value & Income, explores why overconfidence in forecasting can be costly. He argues that, by contrast, a value-based approach grounded in long-term data and realistic assumptions can help build resilience against the unexpected and increase the chances of investment success.