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Alternative Market Briefing

Other Voices: A stock picker's global conviction outlook
Monday, January 26, 2026

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By Tom Dalrymple, investment analyst at UK-based Aubrey Capital Management.

2025 was a tale of two halves for the Aubrey Global Conviction Fund. Broader market performance in the first half favoured our highly active approach. However, the second half delivered the exact opposite.

Digging deeper, the key themes that drove second-half market performance were a sharp comeback for the 'Magnificent 7' (Mag-7) and what we view as a low-quality rally in tech. The chart referenced illustrates how meaningful these moves have been since the start of July, with the Mag-7 Index up over 20% and the Goldman Sachs Non-Profitable Tech Index up a staggering 46%. Many companies within the index do not meet Aubrey's investment criteria of 15% ROE, 15% EPS growth and 15% CROA.

Source

We are optimistic about the year ahead, with several key investment themes shaping up well for the strategy.

US: Time for a broadening?

Despite all the headlines over tariffs, inflation, tech valuations, and the path of interest rates, the US economy remains very resilient. Fiscal stimulus from the 'Big Beautiful Bill' should help to offset these impacts and support the private secto......................

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