Viewpoint

Equity markets have become concentrated in a handful of mega-cap stocks, leaving many high-quality small- and mid-cap (SMID) companies overlooked. But what does the combination of concentration, valuation, and structural megatrends mean for investors?

Railroads play a critical role in facilitating the efficient movement of goods and essential commodities in North America. Over the last thirty years, railroads have evolved from heavily regulated businesses with returns at or below their cost of capital into lightly regulated and capital-efficient networks distinguished by infrastructure that is difficult to replicate. This article discusses the investment merits of listed railroads and examines how the recent industry dynamics will impact future growth.

Le iniziative per la sovranità energetica e la competitività stanno favorendo la transizione da un sistema basato su risorse finite ed estratte, dai prezzi volatili, a uno centrato su tecnologie generate, con costi decrescenti all’aumentare della scala produttiva. Investire in tutto lo spettro con un approccio attivo offre l’opportunità di accelerare la transizione e partecipare ai suoi benefici.

Artificial intelligence (AI) may be one of the greatest technological breakthroughs, but it’s too early to tell. History shows that investment returns don’t always match innovation hype. However, we do know that economic fundamentals have not changed, which means that investments must become self-financing and deliver adequate returns to be sustainable.

Vontobel’s Ed Walczak is among a small number of portfolio managers active today who were also managing money during the dot-com bubble. Ed compares the two time periods and explains how having zero exposure in tech and telecom in the dot-com era, while unpopular, rewarded his investors.

Two mantras exist among investors when it comes to equity factors. First, you hear that “factors tend to outperform the broader market in the long run”. True. Second, you hear that “timing factors is almost impossible, and that you would be better off with a static allocation”. False. In fact, dynamic timing approaches to factor premia management adds significant benefits over static allocation approaches and in this piece, we show you why

Le azioni dei mercati emergenti hanno registrato un anno straordinario, ma gli investitori hanno perso l’occasione? A nostro avviso, no. Riteniamo infatti che il 2025 abbia segnato il primo anno di cambiamenti positivi su almeno due fattori strutturali chiave, potenzialmente all’inizio di un nuovo ciclo favorevole per le azioni dei mercati emergenti.

Commodities delivered strong returns in 2025 with the significant dispersion across commodities. In our quarterly commodity outlook, we discuss our view of oil markets, metals, grains and of course the all shining precious metal rally. Find out where we see value in an environment of macroeconomic tailwind and geopolitical uncertainty.

With global markets navigating a complex and evolving landscape and at a time when corporate bonds have emerged as a cornerstone for resilient and diversified portfolios, Vontobel is proud to celebrate a decade of alpha generation for the Vontobel Fund – Global Corporate Bond, which passed its 10th anniversary in October 2025.

While AI drew the most attention again this year, other secular drivers such as asset renewal, energy security, decarbonization, and data growth are fueling durable investment cycles. These themes support long‑term opportunities across sectors, reinforcing infrastructure’s potential for sustained growth and stability.

Con l'avvicinarsi del 2026, le elevate valutazioni azionarie, le mutevoli dinamiche dell'inflazione e la crescente dispersione tra le diverse classi di attività stanno ridefinendo il panorama degli investimenti. Con le strategie di portafoglio tradizionali, come il modello 60/40, che devono affrontare nuove sfide, la diversificazione sta diventando una necessità pratica. Il team Solutions della Quantitative Investments Boutique esplora come questi cambiamenti strutturali stiano determinando il ritorno del ciclo multi-asset e cosa ciò significhi per gli investitori che navigano in questo nuovo regime di mercato.

Un anno di Borsa turbolento nel 2025, segnato da molta incertezza, ha tenuto gli investitori in allerta. Il 2026 apre a un clima di ottimismo.

AI is expanding what systematic investing can achieve — from unlocking deeper insights in complex data to building more adaptive, responsive portfolios. This piece explores the shift from classical quant to Quant 2.0 and what a more adaptive, data-driven future could look like.

Government bonds are primarily driven by moves in their underlying interest rates – and these rates are highly correlated. In this QuantaByte, we show how correlated interest rates really are, and what conclusions an investor can draw to tackle this problem.

Il team Income ha analizzato la performance dell'indice Euro Stoxx 50 Buy Write, una semplice strategia di covered call, nell'arco di 25 anni. L'articolo mostra come si sono comportati i diversi fattori di rendimento nei vari cicli e fornisce un contesto per comprendere il rendimento a lungo termine delle strategie di covered calls sull’azionario europeo.

Discover how developed and emerging market corporate bonds may offer stability, diversification, and alpha opportunities. With yields at multi-year highs and improving fundamentals, our experts believe now is the time to unlock the hidden potential of corporate bonds in your portfolio.

Behind every commodity price lies a hidden driver: the roll return. Whether in contango or backwardation, it can transform gains into losses—or the reverse. Discover how understanding futures curve dynamics empowers smarter, more resilient commodity investing.

AI models don’t have to be black boxes. In the final article of our Expl(AI)ning series, discover how SHAP values reveal the contributions behind model predictions, enhancing transparency and trust in AI-powered investing. See how we use these insights within our AI Powered process.

La crescente concentrazione nell'indice S&P 500 ha reso i mercati più sensibili a una manciata di titoli mega cap che ne guidano la performance. Sebbene la tecnologia rimanga dominante, questo squilibrio solleva interrogativi in merito alla volatilità, alla diversificazione e alla resilienza del mercato. Il team Solutions esplora come si è evoluta la concentrazione e cosa significa per gli investitori che navigano nel panorama azionario odierno.

Leaders in the video game industry, such as Tencent Holdings, NetEase, and Capcom, offer a distinct blend of predictability and growth through a combination of "Evergreen" titles and new game pipelines. These firms have generated recurring revenues and compounded earnings at approximately 20% annually over the past decade.

Can the top 2% make all the difference? The quantitative team tested an AI-powered stock picker across 20 years of data. By analysing hit rates alongside market concentration and dispersion, they uncovered fresh insights into portfolio management. Discover how AI reshapes investing in our latest article.

Nel 2025 i mercati sono dominati da momentum trades legati all’AI e dal valore extra-USA. Tuttavia, la sostenibilità di queste tendenze rimane incerta, soprattutto considerando il ROI ancora non provato degli investimenti in AI. In questo contesto, i titoli di qualità si confermano una scelta prudente, offrendo resilienza e potenziale di crescita costante.

Backtests can mislead—or unlock real edge. In Part II of our mini-series, we show how to avoid common pitfalls, cut through bias, and turn backtests into a reliable tool for decision-making. Practical, actionable, and built for real-world investing.

Beating random walk benchmarks in FX markets has proven notoriously hard. In the fourth and final instalment of our FX series, we explore how new algorithmic approaches, leveraging alternative data, can finally give structure to the noise.