2025 Year End Review - Q1 2026 Market Commentary Copy

As look back at 2025, we wanted to share a brief perspective on the year and how we are thinking about the path forward. Attached is our Access Insights: 2025 Year-End Review & 2026 Outlook, which provides additional detail and context.

The key theme of 2025 was resilience.
Despite volatility and shifting policy dynamics, inflation moderated meaningfully and markets broadened beyond a narrow group of large-cap stocks—an encouraging outcome for diversified investors.

Looking ahead to 2026, we expect a period of “rational exuberance.”
Economic conditions remain constructive, with easing inflation, continued monetary normalization, and expanding opportunities outside of U.S. mega-cap equities. At the same time, elevated valuations and policy uncertainty reinforce the importance of discipline and selectivity.

As we move into the new year, our focus remains on:

• Diversification across asset classes and geographies
• Emphasizing quality companies with strong balance sheets
• Actively managing risk as market dispersion widens

We encourage you to review the attached report and welcome the opportunity to discuss how these themes align with your long-term goals.

‍‍For the detailed report, click here.
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For detailed comments in Chinese / 详细的中文评论, click here.