Pictet Asset Management’s Emerging Market Leaders: Beyond Tech Giants (Oct 2025) challenges the notion that U.S. megacaps will dominate equity performance indefinitely.
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A new cohort—the “Terrific 20” across industries like energy, finance, and consumer goods—has outperformed the Magnificent 7 by 20% YTD, even as their earnings lag, raising valuation risks.
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Pictet identifies the “Forgotten 50”—high-quality, underappreciated companies such as Eli Lilly, MercadoLibre, and HubSpot—as potential next-generation leaders driven by innovation and steady profitability.
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With U.S. growth set to moderate and quality valuations normalizing, mid-cap and non-U.S. equities could provide diversification and upside as market leadership broadens.
Is this the dawn of a post-megacap era where quality and innovation regain the spotlight? The full report explores Pictet’s evidence-based framework for identifying tomorrow’s market champions.
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