Insights.

The era of waiting even for a day for your purchases to arrive is ending. In China, consumers can now order anything from an iPhone to a toothbrush and receive it in just 9 minutes. The rise of on-demand retail, or “quick commerce,” marks a new chapter in the evolution of e-commerce: one driven by immediacy, convenience, and changing consumer expectations.

The Insync Global Capital Aware Fund generated a positive return of 1.81% in April, outperforming the benchmark by 3.6%. Currently, the Fund’s protection level is approximately 45% of its notional equity exposure down from 70% at the end of March.

The Insync Global Quality Equity Fund returned -0.34% in April, outperforming the benchmark by 1.45%. Nintendo was the largest contributor to performance during the month. Initial market skepticism around the pricing and timing of the Switch 2 launch was understandable, as the new console was unveiled amid heightened geopolitical tensions following the U.S. announcement of sweeping reciprocal tariffs.

The Insync Global Capital Aware Fund returned 0.99% in the three months to March 2025, outperforming the benchmark by 2.93%. Currently, the Fund’s protection level is approximately 70% of its notional equity exposure.

The Insync Global Quality Equity Fund returned 0.97% in the three months to March 2025, outperforming the benchmark by 2.91%. Key contributors to performance included our overweight position in Tencent and a zero allocation to NVIDIA.

The Insync Global Capital Aware Fund outperformed the benchmark in February. The Fund’s protection level increased in January due to stretched valuations — particularly in the U.S., where valuations have reached their highest levels since the dot-com bubble.

The Insync Global Capital Aware Fund outperformed the benchmark in February. The Fund’s protection level increased in January due to stretched valuations. The Insync Global Quality Equity Fund outperformed the benchmark in February.

Global equity markets demonstrated resilience and growth across January despite the challenges of unpredictable policies from President Trump, persistently high inflation, and the prospect of sustained elevated interest rates. Whilst US stocks rose, their return lagged against many other key markets.

The best back-to-back returns since the 1990s for global equity markets with the MSCI index returning 29.8% in 2024 on the back of 21.6% in 2023. This was largely driven by U.S. stocks which now constitute 67% of the MSCI, and in particular the ‘Magnificent 7’ companies.

Investing is more than data; it requires anticipating future trends. This is why relying on past performance is often risky. Generational shifts, rising geopolitical tensions, and evolving consumer behaviours demand excellence in trend spottng. Luxury goods, where China’s rising affluent class is undergoing significant changes in spending preferences is a case in point. Whilst luxury has historically been a secular growth story, we believe that more nuanced factors are at play, making active stock picking essential.

A quiet transformation is underway in global consumer behaviour, reshaping entire industries from retail to healthcare. The growing humanisation of pets is turning dogs, cats, and even hamsters into full-fledged family members— complete with personalised diets, fashion wardrobes, and tech-enabled care. This emotional shift is more than just a social quirk; it is a powerful megatrend redefining spending priorities and creating lucrative, high-growth investment opportunities.

Observing where the world is moving to is crucial to future-proofing portfolios and generating strong consistent returns. Demographic and technological shifts are rapidly changing consumer buying patterns. While understanding numbers is important, grasping human behaviour delivers deeper insights. Diligently analyzing these shifts and their implications helps identify future winners.

The era of blindly betting on Western brands to tap into China’s burgeoning consumer market is over. Once considered no-brainers, global titans like L’Oreal, Nike and Starbucks are finding their footng increasingly precarious. Despite the allure of its growing middle class the dynamics at play are more nuanced than ever.

Trump’s victory and Republican control of Congress drove US market performance in November as expectations for tax cuts, deregulation, and expansionary fiscal measures rose. US stocks overall rose 6% significantly outperforming other markets.