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    Multi-asset chart of the week

    Multi Asset chart of the week

    26 November 2025 Multi-asset
    Week to 28 November 2025

    Year-to-date winners in equities faced the largest drawdowns in November

    Christopher Broadley, CFA, Portfolio Manager, said: “November’s drawdown in equity markets has been most acutely felt in 2025’s best performing markets, particularly in parts of Asia such as Korea and Japan that have benefitted greatly from the AI and semiconductor narrative.”

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    Source: Insight Investment, Bloomberg as at 25 Nov 2025.

    Week to 21 November 2025

    Factor volatility remains elevated amid November rotation

    Christopher Broadley, CFA, Portfolio Manager, said: “November has seen a reversal of previously established trends within the factor space. Notably last week momentum suffered a 3-standard deviation (-5.2%) daily move lower, bringing monthly returns to -10%. Conversely, value and quality are recovering from year-to-date lows having been down as much as 25% as at end-October.”

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    Source: Insight Investment, Bloomberg, Morgan Stanley as at 17 November 2025.

    Week to 7 November 2025

    Number of positive earnings season surprises hits multi-year highs

    Christopher Broadley, CFA, Portfolio Manager, said: “Third quarter earnings have painted an upbeat picture for US corporates, with the number of positive surprises at multi-year highs. Typically, an earnings season sees close to 50% of companies beat estimates while the current run rate for 3Q2025 is 64%. This has only been surpassed during the global reemergence from Covid-19 lockdowns and highlights the resilient growth backdrop even in the face of heightened uncertainty.”

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    Source: Insight Investment, Bloomberg as at 03 November 2025.

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