Introduction

2025 was immensely fruitful for thematic, macro, long equity, and international investors. We saw tremendous growth across nearly every asset class, as well as a superb finish for commodities. Politically, Trump retook office, bringing back his “economy first” activities, which really just means anything to make the market go up. This comes after an already strong 2023 and 24, raising questions about the possibility of continuation for the 4th year in a row into 2026…