Fallen angels outperformed broad high yield in 2025, driven by security selection, longer duration, and resilient credit quality. Attractive yields and selective downgrades support 2026.

AI-driven power demand and electrification are reshaping resource markets as commodities diverge, metals outperform, energy lags and supply constraints return to focus.

Gold hit record highs in 2025 as central banks and investors boosted demand. Mining stocks outpaced bullion, and despite sharp gains, attractive valuations and strong margins point to more upside in 2026.

In 2025, gold and silver drove commodity returns. Looking ahead, structural supply dynamics, geopolitical developments, and global demand trends remain key factors influencing commodity markets.