In a year that has been characterised by a roller-coaster ride in sentiment, the end outcome is likely to be one that is very positive for those investors who blocked out the noise, held their noses and stayed in equity markets.

Markets picked up where they left off last quarter with nearly all countries seeing markets climb further. The US and China led the way against a backdrop of easing concerns about trade tensions and AI continuing to be the predominant equity market theme. The continuing rise of equity markets, including sharp jumps for some stocks, triggered renewed discussion about the possibility that we are entering a new AI-driven bubble similar to the dotcom boom in the late nineties.