Market themes, performance and movements

In this edition of the Zurich monthly investment review, our investment solutions experts Daniel Finucane and Jacqueline Hogan delve into the latest market developments and share key investment updates up to the 11th of December 2025.

Market themes: November in review

November was marked by significant movements across global markets. Several factors influenced performance, including macroeconomic trends, sector-specific developments, and investor sentiment. Let’s explore the highlights:

Equities: Sector and geographic performance

Equities delivered mixed results during November. Key points include:

• Global trends: Major indices showed resilience despite ongoing economic uncertainty.
• Sector highlights: Technology and healthcare sectors outperformed, while energy faced headwinds.
• Regional insights: US equities led gains, while European markets remained cautious amid slower growth projections.

Fixed income: Bond market outlook

The fixed income space experienced notable shifts:

• Performance: Bond yields fluctuated as central banks signalled a more balanced approach to interest rates.
• Zurich’s outlook: Our team maintains a cautious stance on duration, favouring selective credit opportunities to manage risk and enhance returns.

Commodities and currencies: Price movements

Commodities saw significant price changes:

• Energy: Oil prices softened due to supply adjustments and demand concerns.
• Metals: Gold remained stable as investors sought safe-haven assets.
• Currencies:The US dollar strengthened against major peers, driven by economic data and policy expectations.

Zurich’s positioning and asset allocation

Zurich’s investment team in Blackrock, Dublin actively manages multi-asset funds to navigate market volatility. Key strategies include:

• Dynamic asset allocation: Adjusting equity and bond exposures based on market signals.
• Risk management: Using diversification and tactical shifts to mitigate downside risks.
• Return enhancement: Leveraging active levers within multi-asset portfolios to capture opportunities.

Conclusion

For more details on Zurich’s fund range and to access the latest monthly investment news and Prisma report, visit Zurich.ie.