November 04, 2025
Commentary: NCM Core Global and NCM Core International
Portfolio Manager Phil D’Iorio, MBA, CFA shares his Q3 2025 insights on global equity markets and discusses the current economic environment.
Download the full commentary here.
"Most of the largest global central banks have been cutting interest rates while many governments around the world are maintaining or expanding their deficits. In addition, we have low energy prices, a capex supercycle led by investments in artificial intelligence, and de-regulation in the United States. We believe this type of backdrop is favourable for global equities."
Author
Phil D'Iorio, MBA, CFA
I search around the globe for best-of-breed companies trading at attractive valuations. And I spend a significant amount of time thinking about portfolio construction to ensure that the portfolio is optimized to reflect where we are in the cycle.