As we embark on a new year , Bo Knudsen, our CEO and Portfolio Manager, shares his perspectives on recent market developments and where he sees opportunities as the global investment landscape broadens.

Jeffrey Scott Saunders, CTO and advisor for the Danish National Defence Technology Centre, explores the key technological developments transforming modern warfare. From the growing role of artificial intelligence and autonomous systems to the integration challenges posed by contested environments, he outlines both the opportunities and obstacles shaping defence capabilities over the coming decades.

Since 2020, five major shifts have led to the current K-shaped growth structure of the global economy and equity markets, with huge divergence between winners and losers.

The transition from a unipolar to a multipolar world order – exemplified by simultaneous conflicts in Ukraine and the Middle East – underscores the strategic imperative of abundant energy and large manufacturing capacities.

The world currently seems rather unipolar with the US and President Trump setting the agenda. Investors are kept busy trying to distinguish noise from reality. This has shortened investors’ time horizon and created a more complex investment environment.