At the end of 2025, the financial markets present themselves within a challenging environment of tension: record valuations in individual sectors, a normalisation in commodities, and clear monetary policy signals are shaping the landscape. At the same time, the global economy remains more robust than expected for a long time – yet structural risks are increasing.
The new Tellco Market Overview examines these developments in detail and highlights which topics are particularly relevant for investors right now. The key points at a glance.
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Equities & Commodities – Between Records and Normalisation
A few large technology companies continue to drive the US indices. Despite broad market weakness, Big Tech titles are reaching new highs and dominating price performance – a sign of increasing market narrowing. At the same time, commodity markets have entered a phase of consolidation: gold and silver, previously at historic highs, are ceding ground again.
What risks arise from this strong concentration – and where do attractive opportunities nevertheless emerge in the global equity and commodity universe?
Fixed Income – Monetary Easing Meets Structural Risks
The US Federal Reserve continues its course and is easing again – supported by falling inflation, robust economic data, and lower recession risks. Simultaneously, systemic stress factors are coming more sharply into focus: rising national debt in key economies, political uncertainties (including in France), and increasing geopolitical tensions. This mix of easing and risk factors is creating a mixed picture in the bond markets.
How can a portfolio be optimally balanced between monetary policy support and long-term structural risks?
Alternative Investments – Litigation Finance in Focus
Litigation finance is increasingly developing into a relevant niche within the private debt segment. This asset class offers uncorrelated returns, clear diversification benefits, and a distinct risk/reward profile. Institutional investors are increasingly using this component to stabilise their portfolios and reduce overall correlation.
What role can this specialised form of litigation funding play as a building block for stable and diversified portfolios?
Strong Fund Performance – Tellco Classic Strategy 100 Impresses
A particular highlight in the report is the contribution by Michael Frei-Otero on fund development. The Tellco Classic Strategy 100 demonstrates strong performance in 2025: with 9.40% as of the end of October, it once again outperforms the peer comparison.
Which structural factors are driving this continuously strong development – and how sustainable is this performance advantage?
You can find all the details in the new Market Overview. Read on now to gain in-depth insights.