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Q2 2025 comment
Mark Hawtin, Head of Global Equities team
The first half of 2025 signalled a break from US mega-cap dominance, with only 6% of MSCI World All-Country World Index performance tied to the “Magnificent Seven.” A stronger euro, soaring gold, and standout IPOs created opportunities elsewhere. Mark Hawtin, Head of the Liontrust Global Equities Team, highlights how active stock selection remains crucial. With earnings forecasts downgraded, the Q2 reporting season will be pivotal in shaping market direction.
With the rise of AI, capital intensity has increased dramatically over the past eight years, making yesterday’s asset light business models into the smoke stack companies of the AI world. In this article, Mark Hawtin, Head of the Liontrust Global Equities team, discusses whether these investments in substantial amounts of AI infrastructure will be justified compared to other potential investments.
Kevin Kruczynski, Fund Manager, Global Equities team
Alzheimer’s remains one of medicine’s toughest challenges, but progress is accelerating. Kevin Kruczynski, fund manager on the Liontrust Global Equities team, highlights how new blood-based diagnostics promise earlier detection, while next-generation treatments aim to slow or prevent the disease.
Unlocking growth: the incredible power of networks
David Goodman, Fund Manager, Global Equities team
Network effects are powerful drivers of value, enabling exponential growth and strong competitive moats. David Goodman, fund manager on the Liontrust Global Equities team, discusses how these effects – reinforced by high switching costs – set market leaders apart. From Uber’s virtuous cycle to Intuitive Surgical’s expanding ecosystem, recognising these dynamics is key to spotting long-term winners.
Stablecoins have evolved from crypto trading aids to a transformative force in global finance. Pieran Maru, fund manager on the Liontrust Global Equities Team, explains how they cut costs, reduce settlement times and enhance transparency – disrupting payments, remittances and B2B transactions.
AI, blockchain and critical minerals are shaping the future of Chile
Tom Smith, Fund Manager, Global Equities team
Few countries are as pivotal to the world’s green transition as Chile. With vast copper and lithium reserves, the country is integrating AI, blockchain and green hydrogen to boost efficiency, ensure transparent supply chains and decarbonise industry. Thomas Smith, fund manager on the Liontrust Global Equities team, highlights how Chile is mining smarter, not just more, and setting a benchmark for resource-rich nations aiming to lead in sustainable innovation.
Outlook: Active equity strategies: a crucial edge in 2025
Mark Hawtin, Head of the Global Equities Team
Mark Hawtin, Head of the Liontrust Global Equities team, explains why their base case is that equity markets globally remain little changed in the second half of 2025 but the polarisation of winners and losers will remain significant. For the first time in many years, geographical diversification will matter, as will stock selection outside the very biggest companies in the world.
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