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Annual Letter
GLOBAL BEST IDEAS EQUITIES – 2026 Annual Letter
Global equity markets enjoyed another year of strong returns in 2025. The MSCI All-Country World Index (MSCI ACWI) delivered a total return of 22.3% for US Dollar-based investors. Given Dollar weakness (and Sterling strength) through the year, this equates to a 13.9% return in Sterling terms. Against the norm, the US market underperformed major peer markets.
The fund delivered a 5.1% return to US dollar-denominated investors (share class B), which equates to a 7.0% return in sterling terms (share class D). This has brought the compound annual return since inception (August 2013) to 9.4% pa in US$ terms. For sterling investors this is a compound annual return of 11.5% pa.
The Fund delivered a +22.5% return over the year (in US$ terms; +15.6% in UK£ terms). This has brought the compounded return since inception (August 2013) to +9.8% p.a. (in US$ terms; +11.9% p.a. in UK£ terms).
2022 turned out to be the worst year for global equity investors since the 2008 Financial Crisis. The MSCI World Index (including Emerging Markets and dividends) delivered a -18.4% return over the year (in US$ terms; -8.7% in UK£ terms1). In essence, the good returns earned the previous year have been sacrificed. Along with this, Growth investors suffered even more from the strong rotation to the Value style of investing.
Many global equity investors enjoyed another pleasing year of double-digit returns in 2021, despite the high base of the previous year and the stop-start global economic backdrop. The MSCI World Index (including Emerging Markets and dividends) delivered a +18.5% return over the year (in US$ terms; +19.6% in UK£ terms).
2020 is engraved in the annals of history as the year of COVID-19. Those investors who held tight through the year were rewarded. Those investors who were positioned in quality businesses with a sustainable growth orientation were rewarded even more so during the eventful GVC year.
