A broadening of equity market performance beyond U.S. mega-caps was one of our key themes for 2025—right now, Europe is where it is playing out most notably.
After years of limited activity, companies are looking for a chance to accelerate M&A, but the new administration and its policies will likely set the tone for dealmaking.
Recent gyrations have highlighted the inherent risk in the U.S. equity market’s growthy tilt—more evidence, in our view, that it’s time to increase exposure to value.