The best young global funds that have shone in their first three years
New global funds from 2022 delivering top-quartile performance by end-2025; high-profile growth themes persist albeit with ESG and cyclical caveats.
Four funds launched in 2022 reached top-quartile status by end-2025, with the WisdomTree Blockchain UCITS ETF delivering remarkable gains of around 236.9% across 2023-2025. Other notable performers include the WS Guinness Global Innovators, which provided double-digit to high-teens returns, illustrating that fresh strategies can capture early upside despite broader market fluctuations. The message is nuanced: while new funds can produce outsized returns, sustainability and cyclical sensitivity remain significant considerations for investors.
The takeaway for 2026 is to monitor style shifts and fund flows among the IA Europe ex UK and other early-year entrants. The environment may continue to reward nimble active management and thematically focused exposure, particularly where managers can navigate regulatory and market transitions without sacrificing risk controls.
Investors should watch how new entrants fare in 2026, particularly as ESG and cyclical dynamics continue to evolve. The performance of early cohorts will help determine whether the space can sustain the early momentum observed in 2023-2025 and whether such strategies can scale in more volatile markets without compromising risk.
Ground View: Pakistan mining future
Pakistan’s roadmap to unlock copper and gold hinges on PMIF outcomes and institutional harmonisation.
Pakistan’s mineral potential is tied to the Pakistan Mineral Investment Forum (PMIF) in Islamabad and to how quickly federal-provincial coordination, licensing, and infrastructure capture pace. The country hosts important assets such as Reko Diq, with the prospect of creating a more formalised investment regime for mining. The institutional middle-the regulators, engineers, and planners who translate resource potential into production-will determine whether deposits become mines.
Observers emphasise that the key challenge is execution capacity: aligning approvals, power and transport timelines, and a predictable regulatory framework. The PMIF is seen as a test of whether Pakistan can translate policy commitments into measurable project progress and project finance commitments. If the institutional alignment improves, Pakistan could strengthen its role in global supply chains for copper and other critical minerals.
The long-term trajectory will hinge on regulatory harmonisation and project progress at flagship assets such as Reko Diq and other developments. Investors will be looking for clarity on licensing terms, stabilisation provisions, and infrastructure readiness as signals that Pakistan can unlock value from its mineral endowment and contribute to diverse global supply chains.
Libyas oil licensing round fails to deliver promised comeback
Only five blocks awarded from 22; core participants include major international players; structural uncertainties persist.
Libya’s first licensing round in 17 years drew broad interest but failed to deliver a broad upstream revival. The 22 offered blocks attracted interest from Chevron, ConocoPhillips, TotalEnergies, Eni, Repsol, and TPAO among others, but only five blocks were awarded. The awards included offshore Block 01 and Sirte Basin holdings, with the outcome underscoring persistent legal, security, and contractual uncertainties that dampen investment prospects.
Investors are keeping an eye on a hoped-for second licensing round and on terms that can be clarified to reduce risk, including force majeure provisions, stabilisation terms, and cost recovery dynamics. Although Libya remains a pivotal asset for regional energy supply, the current round highlights the difficulty of translating potential into near-term production growth given political fragmentation and security concerns.
Analysts emphasise that while Libyan reserves remain substantial, the near-term production uplift will be constrained by the need for stable governance and improved asset-level clarity. The NOC will likely push for further rounds if it can address the structural issues that limited participation in 2025, but the path to substantial upstream revival remains uncertain.
Civil war-torn Sudan sits on unexplored mineral riches worth billions
Sudan hosts a wide spectrum of untapped minerals amid conflict; governance and security shape development prospects.
Sudan sits on potentially billions of dollars of mineral wealth across copper, iron ore, chromite, uranium, and rare earths, with gold production rising to record levels in 2024 and 2025. Yet the majority of resources remain unexplored, and artisanal mining dominates declared production. Conflict dynamics and governance capacity complicate formal development and integration into global supply chains.
Investors and policymakers are weighing how to balance mineral opportunities with security, regulatory reform, and the political risk environment. There is a stated intent to modernise data and licensing through bodies such as GRAS and to build infrastructure to support mining, but progress will hinge on stabilising the security environment and delivering policy clarity.
The World Bank and other institutions are expected to play a role in supporting the energy transition by addressing electricity access for remote mining sites and improving data quality for better investment decisions. The overarching question remains whether Sudan can translate mineral wealth into sustainable development while navigating ongoing regional conflict and governance constraints.
Trump policy reversal sparks 65 billion dollar bleed in EV sector
Policy volatility risks undermining long-term EV investment and reshaping auto-sector strategies.
The reversal of emissions standards and consequential rollback of tax credits created a large write-off, amounting to about 65 billion, benefiting a subset of manufacturers, notably Ford and Stellantis, amid shifts in policy and expectations for demand. The disruption is a reminder that policy uncertainty can erode the investment case for electric vehicles and disrupt the strategic planning of automotive players.
The broader implication is a re-evaluation of volatility risk in EV capital expenditure, with companies watching for guidance, policy direction, and the sustainability of demand in key markets. If policy drift continues, investment plans could slow, while some firms might accelerate regional production or adjust portfolio mixes to align with evolving regulatory climates.
Forward-looking watchers will monitor policy signals and corporate guidance to gauge whether this episode signals a longer-term recalibration of EV investment and market expectations across major economies.
Aramco, Microsoft Sign AI MOU
Non-binding memorandum signals a strategic push to embed AI across energy operations with governance implications.
Aramco and Microsoft signed a non-binding MOU to advance industrial AI, digital sovereignty, and workforce development, leveraging Azure-based solutions and IP co-innovation. While not a binding commitment, the agreement signals a high-level strategic alignment between a major energy group and a global technology platform, focusing on governance, security, and scalable AI deployment.
Observers will look for concrete pilots, measurable milestones, and the development of downstream skills to support AI in trading, operations, and enterprise processes. The implications extend to how energy companies approach digital transformation, workforce evolution, and the governance frameworks needed to manage AI-enabled assets and operations.
Corporate risk teams will be monitoring governance arrangements, data handling, and procurement innovations as indicators of how AI will permeate energy value chains and trading desks in the near term.
KIMBA Iron Ore contract talks with Transnet
Rail and port contract talks under reform uncertainty could shift iron ore flows on the Sishen-Saldanha corridor.
Kumba Iron Ore has opened negotiations with Transnet over rail and port contracts amid reform uncertainty. The outcome could influence capacity allocation on the Sishen-Saldanha corridor and affect production guidance in the 31-33 Mt per year band. Contract terms and capacity allocation will play a critical role in determining costs, throughput, and profitability for major exporters.
Market participants will watch for TRIM engagement, final contractual terms, and progress on corridor restoration as indicators of potential changes in ore flows and export dynamics. Any concrete progress could impact cost structures and scheduling for large-scale iron ore shipments.
Rio Tinto secures majority in Nemaska Lithium
Rio Tinto takes 53.9% of Nemaska Lithium; Becancour plant and Whabouchi operations funded for an integrated lithium strategy.
Rio Tinto now owns a majority stake in Nemaska Lithium, with the government of Quebec holding the remainder. Ongoing funding supports Becancour lithium plant and Whabouchi operations, reinforcing Canada’s lithium supply chain and aligning with a broader integrated lithium strategy.
Watch for final ownership approvals, a final investment decision timing, and Becancour commissioning milestones as signals of how Canada positions itself in the global lithium supply chain and how this interacts with global demand for battery minerals.
Denmark detains Iran-flagged Nora over registration concerns
Sanction-enforcement risk and registry complexities highlight shipping network vulnerabilities.
Denmark detained Iran-flagged Nora after questions about ship registry, with a planned port-state inspection, illustrating the complexities of flagging and registry in shipping networks under sanctions regimes. The incident underscores the ongoing enforcement risks in maritime trade and the need for clear compliance pathways for vessels operating under multiple jurisdictions.
Observables to watch include port inspections outcomes, flag-state confirmations, and any subsequent regulatory clarifications affecting registry procedures for Iran-flagged ships.
Excel test interview
Excel tests persist at recruitment for top trading houses; insiders highlight traditional tools and some Python emphasis.
The recruitment chatter shows a continued emphasis on Excel, with many trading houses retaining classic tools and survey feedback suggesting Python proficiency is increasingly valued. The questions tend to revolve around practical capabilities such as VLOOKUP, INDEX-MATCH, pivot tables, and more advanced data handling.
The near-term implication is a potential widening of candidate preparation resources focused on traditional spreadsheet skills while also validating Python and data-automation competencies for more competitive roles.
Operational Risk Intern role at TotalEnergies (Geneva)
Operational Risk role in Geneva signals a path into market risk and trading analytics.
TotalEnergies is advertising an Operational Risk Intern position within its Gas & Power trading hub in Geneva. The role emphasises anomaly detection, AI-based risk controls, and Python tooling for risk management. The position illustrates a tangible route into trading analytics and market risk roles within a major energy trader.
Watch for actual pivots into trading analytics, and whether this hands-on exposure translates into subsequent placement in market risk or trading graduate programmes.
The Ex-US Trade is Working
Ex-US equities show strong start to 2026; foreign outperformance resumes after a long period.
Independent data note a robust start to the year for ex-US equities, suggesting a potential regime shift toward international diversification. The signal complements discussions about global risk premia and currency dynamics. The near-term implication is heightened attention to cross-border flows, valuation gaps, and central-bank policy impacts on international markets.
Investors will be watching whether this outperformance persists through mid-year and what it implies for portfolio construction and hedging needs.
2450% Gain since 2022 - No Leverage, No Options
Retail investor claims massive gains via buy-and-hold in emerging tech; caution warranted.
A retail investor asserts a 2450% gain since 2022 through a buy-and-hold strategy in an emerging tech stock, linked to a graphene company. The claim underscores meme-like narratives and the allure of high-variance bets in small-cap tech. It also raises questions about credibility, risk disclosure, and the need for substantiated performance data.
Analysts will scrutinise such claims, seeking independent confirmation and examining broader risk-management implications for retail portfolios.
Blue Owl permanently halts redemptions at private credit fund
Liquidity risk in private credit products highlights retail investor exposure.
Blue Owl intends to halt redemptions for its private retail debt fund, with capital to be returned as assets are sold. The move underscores liquidity risks in private credit and the vulnerability of retail investors in less liquid funds.
Regulatory and market observers will monitor subsequent asset sales activity, liquidity events, and any policy responses to the evolving private credit landscape.
UK Inflation Update January
UK CPI slowed to 3.0% YoY in January, with core at 3.1% and services inflation sticky at 4.4%.
The UK inflation data shows easing price growth, though services inflation remains persistent. The near-term policy question is how this informs Bank of England rate expectations and the timing of potential rate moves. Market participants will track subsequent CPI prints and services inflation momentum to gauge policy trajectories.
The limits of export controls
AI accelerators export controls may slow hardware but not knowledge transfer; domestic ecosystems adapt.
The analysis argues that export controls on AI accelerators might slow hardware imports but are unlikely to halt knowledge transfer, as domestic ecosystems adapt and learn from cross-border expertise. The longer-term implication is a reassessment of industrial policy and capabilities in memory, interconnects, and human capital.
Observers will monitor policy dynamics, domestic capability development, and any shifts in memory and hardware supply chains in response to export-control regimes.
Walmart supplier exposure
Walmart’s supplier exposure highlights downstream concentration risk in retail supply chains.
Research indicates Walmart’s role as a major customer creates exposure risk for suppliers and downstream implications for procurement strategy. The near-term focus will be on earnings commentary, supplier risk indicators, and any countermeasures by Walmart to diversify or manage supplier relationships.
Investors and suppliers will watch for changes in procurement strategies, contract terms, and supplier diversification plans as indicators of risk transfer and resilience.
Bitcoin Emperor is Not Naked
A long-form argument debates intrinsic value and the role of the ledger in modern finance.
A thoughtful argument questions whether Bitcoin has intrinsic tangible asset value, suggesting the ledger is a ledger, not a balance sheet. The debate touches on the nature of value, money, and the place of digital assets in diversified portfolios. The near-term signal is heightened discourse around digital asset fundamentals and policy responses to crypto markets.
Watch for counter-arguments that defend crypto as a store of value or as a technology platform with network effects.
Why freight tendering is stuck in 2005
Calls for a digital closed-bid platform to modernise freight tenders in physical trading.
A logistics discussion questions ongoing reliance on email and WhatsApp for freight tenders, arguing for a digital closed-bid platform to improve speed, audit trails, and demurrage reduction. The near-term implication is the emergence of pilots or platform launches among physical-trade operators and freight platforms.
Industry interest will pivot on real-world pilots and willingness of operators to migrate from legacy processes to digital tendering.
9/9 roster
Rosters in Queensland mining and worker pay are under discussion.
A debate about 9/9 rosters in Queensland mining highlights work-life balance and compensation considerations in on-site roles. The discussions point to broader questions about retention, productivity, and the sustainability of labour arrangements in remote mining environments.
Watch for updates on rosters, pay scales, and retention trends as part of operational planning in the sector.
Seeking Equipment Partner Small-Scale Gold Mine (Tanzania)
An operator seeks a partner to fund equipment upgrades for a small-scale gold mine.
A Tanzanian operator is seeking a partner to fund equipment upgrades for a small-scale gold mine, illustrating capital-access gaps and opportunities for partnerships in early-stage mining. The post reflects the ongoing demand for project finance and equipment upgrades to scale operations.
Investors will look for due diligence signals, governance structures, and potential scale-up plans as a proxy for project viability.
Man Opposing Data Center Arrested for Speaking Slightly Too Long
Local governance tension mirrors broader disputes over data centre siting and public engagement.
A social-media focused post recaps an incident in which a citizen was detained for speaking slightly over the time limit at a city council meeting about a data centre. The episode underlines tensions about water rights, electricity costs, and public participation in critical infrastructure decisions.
Observers will monitor city council decisions, public records, and any subsequent legal or political responses to the incident.
24/7 Solar in California Demonstrates Battery-Backed Round-the-Clock Power
Battery-backed solar demonstrates 24/7 operation; grid resilience implications.
February 1 2026 saw grid batteries charged by daytime solar provide power through the night, enabling near-continuous solar operation. This underscores the potential for storage-enabled solar to deliver baseload-like reliability and influence grid dispatch decisions.
Grid operators will track storage deployment, night-time exports, and the integration of storage with solar during the year to assess reliability gains and cost implications.
McGill Research Turns Wastewater into Clean Electricity with Microbial Fuel Cells
Wastewater-to-energy via microbial fuel cells points to a novel path for low-emission energy.
McGill University researchers developed a method to generate electricity from wastewater using microbial fuel cells. The approach signals potential scale-up opportunities for low-emission energy from wastewater streams, with implications for wastewater utilities and energy policy.
Follow-on pilots and field-scale demonstrations will determine the practicality and economic viability of this technology in real-world settings.
US Pressure on IEA to Drop Net-Zero; Exit Considered
U.S. pushes IEA to drop net-zero; potential exit raises governance questions for energy policy.
The United States has urged the IEA to drop net-zero from its agenda, with the possibility of the U.S. exiting the organisation within a year if demands are not met. The move could realign international energy governance and climate-policy alignment depending on the timing and consequences of any policy shifts.
Watch for formal IEA guidance changes and U.S. policy actions that could reshape energy governance and alliance dynamics.
Sofia Offshore Wind Farm UK Nears Completion with 70 Turbines Installed
Offshore wind capacity expands; grid integration and commissioning milestones to watch.
The Sofia Offshore Wind Farm in the United Kingdom approaches completion with 70 turbines installed, marking progress in the country’s renewable transition. The project highlights the scale of offshore wind development and its role in diversifying energy supply.
Key milestones remain the connection to the grid, commissioning dates, and the overall contribution to total capacity.
Swift Current Energy Secures US$248 Million for 122MW Maine Solar Project
Financing showcases strong market support for solar projects in ISO-NE.
Swift Current Energy has secured US$248 million in project financing for a 122MW solar facility in Maine, backed by a banking syndicate. The deal illustrates robust financing for solar deployments in the ISO-NE region and signals continued momentum for new capacity in a grid traditionally reliant on fossil fuel and imports.
Track the interconnection process, local permitting, and commercial operation timelines to gauge the project’s real-world impact.
Brazil Targets 107 GW of Solar by 2035 Under Energy Plan
Brazil outlines ambitious solar expansion; implications for grid and financing.
Brazil plans to reach 107 GW of solar capacity by 2035 under its energy plan, signalling a major expansion of solar in a large emerging economy. The plan implies grid upgrades, investment ramps, and financing arrangements to support rapid deployment.
Watch for tender rounds, policy milestones, and grid-upgrade progress that will determine the pace of this expansion.
Imports from China Make Africa the Fastest-Growing Solar Market
Africa’s solar capacity grows rapidly due to imports of Chinese-made panels.
Africa’s solar installed capacity rose in 2025, boosted by imports from Chinese manufacturers; global solar capacity rose to 618 GW in 2025. The trend points to import-driven, regionally rapid scale-up and has implications for supply chains, jobs, and energy access across the continent.
Monitor capacity additions, policy changes, and import data across African markets for signs of acceleration or bottlenecks.
Global Energy Alliance Seeks US$100 Million by 2028 to Digitise India's Grids
Funding aimed at grid digitisation could transform reliability and efficiency in a fast-growing market.
The Global Energy Alliance seeks to raise US$100 million by 2028 to digitise India’s electric grids. The effort could accelerate grid modernisation in a high-growth market with widespread reliability and efficiency benefits; policy clarity and funding commitments will be crucial to keep momentum.
Watch for commitments, pilots, and regulatory approvals that could unlock large-scale deployment.
Centrica’s Profits Hit by Warmer Weather
Weather-driven demand exposes climate sensitivity of a major retailer.
Centrica reports that warmer weather has weighed on profits, illustrating how weather anomalies influence demand and pricing in energy retail. The impact aligns with broader climate-driven variability in consumer energy consumption and price sensitivity.
Follow-up earnings and weather-related demand signals will shed light on guidance for 2026.
EU Could Move Ahead with Russian Oil Services Ban Without G7
EU officials hint at moving ahead with sanctions despite G7 dynamics.
EU officials indicate a Russian oil-services ban could proceed without G7 alignment, signaling a tightening stance on Russian energy services and potential shifts in global energy flows. The policy move could influence contracting, supplier markets, and trade patterns.
Watch for formal policy steps, timing, and compliance implications for oil services and broader sanctions regimes.
Iran-U.S. Nuclear Talks Yield No Breakthrough; Market Implications for Oil and Gold
No breakthrough in talks raises energy market risk premia for oil and gold.
Nuclear talks yielded no major breakthrough; Hormuz tensions and sanctions linger, signaling potential near-term risk premia in energy and precious metals markets. The absence of progress adds a layer of uncertainty for energy supply prospects and financial hedging.
Monitor for new rounds of negotiations, sanctions actions, and regional developments that could shape risk pricing.
Raw Context Snippets
- Seed and raw context coverage across economy, mining, energy, and related sectors.*
This section summarises embedded context from sources, including cross-cutting indicators and signals relevant to the broader briefing. These items are integrated into the above seed narratives to illustrate the interconnectedness of markets, policy, and resource developments.