Market Update - December 2025
Welcome to 2026. It would be easy to confuse the start of this year with the start of last, with Donald Trump and geopolitical issues dominating headlines around the world. Fortunately, for your portfolios, these big headlines make little long-term impact on performance, and you will be pleased to see strong return numbers for the 2025 calendar year. Of course, we remain vigilant and must always expect market conditions to change, with short-term swings occurring in many unexpected ways over 2026.
As usual, we have a short video reviewing the past year and breaking down the performance numbers for your portfolio which you can view above.
When markets are strong, as they are now, it is always a good time to review your projections with your adviser in case improvements can be made, such as increasing your estate goals or planned spending. If you feel now is a good time to discuss this, please let us know.
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As always, if you have any questions or would like to discuss your portfolio in more detail, please don’t hesitate to get in touch.
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A look back at when the world feared the worst
On August 2, 1990, the world woke up to a grim headline: “Iraq Invades Kuwait; Oil Prices Soar, Markets Plunge.”
Saddam Hussein's forces had crossed into Kuwait, triggering fears of a prolonged conflict in the oil-rich Middle East.
The immediate market reaction was swift and severe.
Lifetime Book Club: The Let Them Theory
In a world where we spend so much energy trying to control outcomes, manage other people’s opinions, and keep everything on track, this book offers a different approach. One that suggests peace comes not from controlling more, but from letting go.
Market & Portfolio Update: February 2026
The global share market (represented by the MSCI World Gross Index) returned +1.4% in New Zealand dollar terms, despite many listed software companies facing pressure during the month. Investors are questioning how durable some software companies’ competitive advantages really are, as developments in artificial intelligence (AI) may make it easier to replicate their software. Nonetheless, the broader market tone was more resilient as investors continued to favour industries related to AI infrastructure.