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.

A strong December capped a year of resilience for moat strategies, as quality stock selection and renewed exposure to mega-caps position them for 2026.

Pharmaceutical companies are navigating a changing landscape defined by GLP-1 innovation, AI-supported drug discovery, and evolving healthcare consumption patterns.

The 4Q 2025 reconstitution of the Morningstar® Wide Moat Focus Index saw selective additions to the Magnificent 7, including NVIDIA and Meta, as AI-driven volatility created valuation opportunities. Despite adding growth-oriented tech names, the Index remains contrarian.

Investors shifted toward selective, fundamentals-driven positioning, favoring companies with clearer execution paths while reassessing crowded or expectation-heavy trades.