Ativo Q4 2025 Commentary

Monday, February 2, 2026

2025 was a year of adaptation and divergence across global markets. Investors navigated trade policy shocks, uneven economic data, and a rare split in central bank policy, as rate cuts in the U.S. and U.K. contrasted with tighter stances abroad. While volatility surged mid-year, markets proved resilient as trade tensions eased and global growth expectations stabilized.

Equity leadership shifted meaningfully outside the U.S., with Emerging Markets and Developed ex-U.S. equities delivering their strongest relative performance in years. Against this backdrop, Ativo’s global, factor-based approach emphasized valuation discipline and selective regional exposure, positioning portfolios to navigate increased dispersion and evolving opportunities heading into 2026.

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