With the Tellco Market Overview 02/2026, we take a comprehensive look back at the investment year 2025. After two years that were strongly shaped by inflation concerns, interest rate shocks and geopolitical uncertainty, 2025 proved to be significantly more constructive. Markets were able to stabilise in an environment supported by robust global growth, increasing liquidity, AI-driven optimism and further interest rate cuts.
However, despite pleasing returns, the year was not free of structural risks: political tensions, record-high government debt and a growing dependence on only a few growth drivers characterised the capital market environment.
In the following, we address key themes of the investment year 2025 and highlight which questions are likely to concern investors most with a view to 2026.
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Equities & Commodities: Strong stock market year and precious metals in demand
2025 was a strong year for equities: almost all major indices posted significant gains, supported by falling inflation, moderate growth and AI-driven optimism. At the same time, precious metals remained in demand: gold closed at a high level, while silver continued its upward trend.
What opportunities will arise in 2026 in the equity and commodities markets?
Fixed Income: Interest rate cuts meet debt risks
The bond market remained shaped by geopolitical tensions, high government debt and political influence. Despite these risks, interest rate cuts and high liquidity ensured stable credit spreads.
How should one position oneself in 2026 between monetary policy easing and structural risks?
Alternative Investments: Stabilisation and the importance of diversification
After difficult previous years, 2025 brought a noticeable stabilisation in hedge funds, infrastructure and private credit. Selectivity and manager quality remain decisive factors.
How important are alternative sources of return for robust portfolios in the coming year?
2025 as a turning point, 2026 defined by positioning
2025 has shown how quickly the market environment can stabilise after turbulent previous years. At the same time, structural risks such as geopolitical tensions, high debt levels and the concentration on a few growth drivers remain key accompanying factors. For investors, it will be crucial to seize opportunities while at the same time making portfolios more resilient.
Further in-depth assessments and detailed information can be found in the current Tellco Market Overview 02/2026.