And the winners are…

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January 5, 2026 | 12:00am

If 2025 were an awards night, the trophies wouldn’t all go to Wall Street. The Nasdaq still headlined the show. But the year’s biggest winners came from overlooked markets abroad.

Equities

The Nasdaq Composite led US indexes, rising by 20.4 percent on the back of persistent AI-driven capex and the strong earnings of mega-cap tech.

But the biggest winner in the Americas wasn’t the US. It was farther south. Chile surged by 56.2 percent in local currency terms as a weaker dollar and improving risk appetite revived interest in under-owned, commodity-linked emerging markets. Colombia jumped by 75 percent in dollar terms, benefiting from the double tailwind of strong equities plus favorable FX translation.

In Europe, Spain gained 49.7 percent in local currency and 69.8 percent in dollar terms. A cyclical re-rating, particularly in banks and financials, was reinforced by euro strength.

In Asia, South Korea led with a 75.6 percent rise in local terms and 79.8 percent in dollar terms, reflecting its leverage to the global semiconductor and AI hardware cycle.

Thailand fell by 10 percent in local terms, making it the weakest market in Asia. The Philippines slipped by 8.6 percent in US dollar terms, ending as the region’s worst USD performer.

Currencies

In currencies, the year was defined by a softer dollar. The Swiss franc climbed by 13.6 percent as investors favored safety, while the US dollar index fell nine percent. The markets repriced US exceptionalism amid tariff risks under Trump, expectations of Fed rate cuts and erosion of the yield premium that supported the greenback.

Within Asia, the Malaysian ringgit gained 10.2 percent as EM FX caught a bid due to fiscal reforms and the nation’s emergence as a key data center hub. The Indian rupee slipped by 4.8 percent as massive capital outflows, combined with steep US tariffs on Indian goods, weighed on exports and sentiment.

Commodities

In commodities, precious metals were the runaway winners in 2025. Silver led the group with a 144.3 percent surge as investors sought hard asset hedges in a weak dollar, rate-cutting environment. Energy was subdued with natural gas up by 1.6 percent, while crude oil was down double-digit percentages. Agriculture had some pockets of strength, with soybean oil up by 20.3 percent. But rough rice fell by 29.6 percent and sugar dropped by 22.1 percent, giving Filipino households welcome relief.

Crypto

Crypto was the outlier — and the one category that didn’t take home the trophy. Bitcoin was down by 6.5 percent and Ethereum fell by 11 percent despite continued institutionalization via ETFs and broader market adoption. With silver and other “real assets” taking the spotlight, digital tokens failed to make this year’s winners’ circle.

Wishing our readers and investors a healthy and a prosperous New Year!

Philequity Management is the fund manager of the leading mutual funds in the Philippines. Visit www.philequity.net to learn more about Philequity’s managed funds or to view previous articles. For inquiries or to send feedback, please call (02) 8250-8700 or email [email protected].