"This growth has been driven by the global search for havens from political and economic uncertainties. Funds focused on defense in Europe, as well as those focused on Asian stocks, especially in China and Korea, also stood out, with increases of over 50%. On the other hand, exposure to Russia and emerging markets in Eastern Europe has caused losses that often exceed 50%."
"Risk assets are moving into narrower territory, warns Thomas Hempell, the head of Macro & Market Research at Generali Investments. In his view, the strength of the global economy, coupled with the gradual retreat of some extreme risks, continues to provide some support for equities. But he also warns: euro credit spreads are close to their post-global financial crisis lows, while U.S. stock markets are hitting record highs."
Equity funds in Spain returned an average of 31.66% in the first nine months of 2025, while the most conservative options yielded below 2%, failing to offset inflation. Funds linked to gold and other precious metals often gained over 100% amid a global search for havens. European defense funds and Asian stock funds, particularly in China and Korea, rose more than 50%. Exposure to Russia and Eastern European emerging markets produced losses frequently exceeding 50%. Stock markets and precious metals hit record highs, generating both enthusiasm and fear. Most analysts still see support for risk assets but advise caution as valuations narrow.
Read at english.elpais.com
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