What’s Hot
· Healthcare and Biotech was the standout, up nearly 10% in June having taken a breather the past few months.
· US Small Caps surged, comfortably outperforming their larger cap peers as money rotated away from the crowded tech trade.
· India continued to show life, building momentum after a difficult few years of moving sideways or down.
What’s Not
· No surprise to see Commodities/Natural Resources top the duds list as metals and miners continue to sell off after the fantastic run in 2025.
· Tech also had a bad month. Valuation jitters returned with a vengeance, and we even saw the tech driven Korean stock market down 10% in one day and suspend trading.
· China sits in the bottom five and dragged Asia in general down too…
· …though the picture is more nuanced. Onshore A shares were positive over the month, suggesting domestic investors remain constructive. It's the offshore, Hong Kong-listed H shares that can't find their footing.
What’s Hot
Name | Last Month's Performance % |
|---|
Healthcare and Biotechnology | 9.84 |
North American Smaller Companies | 7.03 |
India/Indian Subcontinent | 5.62 |
Listed Property | 4.44 |
Financials and Financial Innovation | 4.01 |
What’s Not
Name | Last Month's Performance % |
|---|
Commodity/Natural Resources | -5.59 |
Technology & Technology Innovation | -4.30 |
China/Greater China | -2.01 |
UK Smaller Companies | -1.67 |
Asia Pacific Excluding Japan | -1.67 |