GTC Trendline – Fourth Quarter 2025
Overview
The final quarter of 2025 closed with markets delivering returns well ahead of long-term norms, and the rand ranking among the stronger performing emerging market currencies globally. While such momentum should not be assumed to persist, it has occurred against a backdrop of deeper shifts in how global power, resources, and access are increasingly being viewed.
As markets move beyond familiar cruising altitude into a less certain environment, this edition of Trendline steps back from short-term outcomes to examine the broader forces reshaping the investment landscape – from changing assumptions about global order to the implications for capital, risk, and resilience going forward.
We encourage you to read this edition of The Trendline as markets move into a period where perspective and preparation matter more than prediction.
