'Among our favourite stocks is Viking Holdings'
"The other companies I find interesting are Aia Group and 3i"
Key points
This is what the scenario for the coming months might look like in the markets according to Stephen Anness, head of global equities at Invesco
How does the news from the tariffs front affect the US economy and your investment choices?
Our view is of an improving environment, with the effects of tariffs fading, fiscal expansion measures coming into effect and the possibility of lower rates as inflation moderates. We remain alert to any investment opportunities created by geopolitical events temporarily affecting sentiment, such as the tariffs-driven sell-off in April last year.
Many foreign countries are downgrading their positions on US debt. Will there also be an effect on the stock market?
Although there has been a change in the composition of buyers of Treasury bonds, there is no noticeable drop in demand from foreign investors. Danish pension funds made some sales, but it is worth noting that they represent a very small percentage of Treasury securities held by foreign investors (below 1%). Although China reduced its exposure, total foreign holdings peaked in November 2025 at USD 9.36 trillion, according to Moody's, and then dropped to USD 9.27 trillion in December, but this figure is still above the USD 8.5 trillion in 2024 and it is difficult to call this a structural collapse.
So what?
It is clear that the administration is trying to revive private sector growth and, if it succeeds, concerns about the fiscal situation will fade away. We believe that the most important driver for the US equity market will be fundamentals, such as earnings growth and the valuation offered relative to other equity markets. The US market continues to boast some of the best companies in the world.
Will 2026 continue to show a rising stock market?
We remain optimistic and try to avoid investing in themes or baskets of stocks, as these are often highly correlated and tend to perform well only under certain market conditions. We want to evaluate stocks on their individual merits, and although categories such as Mag 7 have performed well, we have still outperformed over the past five years, despite maintaining a persistent underweight on this group.
