Market Insights
Get quarterly insights on global markets. Our analysis combines commentary with interactive data to explain how equity, fixed income, cash, commodities, and currencies performed and why.
Independent market commentary and data
Quarterly market analysis designed to cut through the noise and provide a clear view of the investment landscape.
Our market analysis provides independent, free access to quarterly commentary and data on key asset classes. We share the macro-economic themes that inform our client advice to help trustees and advisers have better conversations with investment managers. Combined with our Peer Groups, this context helps connect the dots on portfolio performance.
Market Data at a glance
5
Asset classes
48
Market indices
4
Quarterly updates
Market Data
Q3 2025
This dashboard tracks performance across key asset classes using independent data from Morningstar and other sources. Read it alongside our quarterly market commentary to understand not just what happened, but why. Coverage includes equities, fixed income, cash, commodities and currencies over rolling 5-year periods.
Equities — Region
| Name | Return quarter | Return ytd | Return 1 Yr | Return 3 Yr | Return 5 Yr |
|---|---|---|---|---|---|
| Global Markets | 7.6% | 18.2% | 16.6% | 22.5% | 13.2% |
| Developed Markets | 7.3% | 17.4% | 17.0% | 23.7% | 14.4% |
| United States | 8.0% | 14.7% | 17.5% | 24.6% | 15.6% |
| EAFE | 5.0% | 25.1% | 14.9% | 21.7% | 11.2% |
| United Kingdom | 7.5% | 17.5% | 18.1% | 15.1% | 14.4% |
| Europe ex UK | 3.1% | 12.8% | 8.6% | 16.2% | 11.4% |
| Japan | 10.6% | 13.5% | 20.0% | 21.9% | 16.5% |
| Asia ex-Japan | 10.4% | 25.9% | 15.7% | 18.2% | 6.9% |
| Emerging Markets | 10.1% | 25.9% | 15.7% | 17.5% | 7.6% |
| Latin American | 9.6% | 41.2% | 19.2% | 13.6% | 13.4% |
EQUITIES — Sector
| Name | Return quarter | Return ytd | Return 1 yr | Return 3 yr | Return 5 yr |
|---|---|---|---|---|---|
| Energy | 5.4% | 10.7% | 6.3% | 11.7% | 21.8% |
| Basic Materials | 12.3% | 26.2% | 7.7% | 14.6% | 9.5% |
| Industrials | 5.8% | 23.1% | 17.3% | 24.9% | 14.7% |
| Consumer Cyclical | 8.5% | 8.8% | 12.9% | 18.4% | 7.8% |
| Consumer Defensive | -1.9% | 7.1% | -0.4% | 8.6% | 4.9% |
| Healthcare | 3.7% | 5.0% | -6.5% | 7.4% | 4.4% |
| Financial Services | 5.2% | 23.1% | 26.2% | 26.5% | 18.9% |
| Technology | 11.9% | 21.8% | 26.5% | 36.1% | 19.5% |
| Communication Services | 12.0% | 28.1% | 34.4% | 33.5% | 13.2% |
| Utilities | 5.3% | 22.0% | 12.9% | 15.1% | 10.0% |
Fixed income
| Name | Return quarter | Return ytd | Return 1 yr | Return 3 yr | Return 5 yr |
|---|---|---|---|---|---|
| Global Bond Agg | 0.6% | 7.6% | 2.1% | 5.1% | -2.3% |
| Global Bond Agg Hdg to USD | 1.1% | 3.9% | 2.8% | 4.9% | -0.2% |
| Global Bond Agg Hdg to GBP | 1.0% | 3.8% | 2.7% | 4.3% | -0.7% |
| Global Bond Agg Hdg to EUR | 0.5% | 2.2% | 0.7% | 2.7% | -2.0% |
| US 1-5 Yr Agg | 1.3% | 4.9% | 4.5% | 5.0% | 1.4% |
| US 5-10 Yr Agg | 2.3% | 7.0% | 2.8% | 5.0% | -0.6% |
| US 10+ Yr Agg | 3.3% | 6.8% | -1.3% | 3.9% | -4.8% |
| UK 1-5 Yr Agg | 0.6% | 4.0% | 4.1% | 5.0% | 0.7% |
| UK 5-10 Yr Agg | 0.0% | 3.9% | 1.8% | 4.8% | -2.2% |
| UK 10+ Yr Agg | -1.7% | -0.4% | -6.3% | -1.5% | -10.5% |
| US Treasury | 1.5% | 5.4% | 2.1% | 3.6% | -1.3% |
| UK Gilt | -0.7% | 1.7% | -1.9% | 1.0% | -6.3% |
| Eurozone Treasury | -0.2% | 0.4% | 0.2% | 2.3% | -2.7% |
| US TIPS | 2.1% | 6.9% | 3.8% | 4.9% | 1.4% |
| UK Trsy Inf-Lnkd | -1.4% | -2.0% | -7.9% | -5.4% | -9.1% |
| Global High Yield | 2.3% | 9.6% | 8.3% | 12.5% | 5.3% |
| EM Sovereign (Hard Currency) | 4.9% | 10.6% | 6.1% | 10.2% | 1.4% |
| EM Sovereign (Local Currency) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Cash & Commodities
| Name | Return quarter | Return ytd | Return 1 yr | Return 3 yr | Return 5 yr |
|---|---|---|---|---|---|
| USD Cash | 1.1% | 3.3% | 4.5% | 4.9% | 3.1% |
| GBP Cash | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EUR Cash | 0.5% | 1.7% | 2.5% | 2.9% | 1.5% |
| Gold | 16.9% | 47.1% | 46.5% | 32.5% | 15.4% |
| CAD | -2.2% | 3.3% | -2.8% | -0.2% | -0.9% |
| GBP | -2.1% | 7.4% | 0.5% | 6.4% | 0.8% |
| EUR | -0.4% | 13.4% | 5.4% | 6.2% | 0.0% |
| JPY | -2.6% | 6.3% | -2.9% | -0.7% | -6.5% |
| CHF | -0.4% | 14.0% | 6.3% | 7.4% | 3.0% |
| EUR (vs. GBP) | 1.7% | 5.5% | 4.8% | -0.2% | -0.8% |
Latest commentary
Market commentary
Resilient for now Q3 2025
Alex Scott
Author
Alex Scott
Investment Committee Chair
Alex is an experienced multi-asset investment manager and strategist, most recently responsible of $12bn AUM for a leading London-based asset manager, who independently chairs Enhance’s investment committee.
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