Northstar BCI Equity Fund: Commentary for Q4 2025

Global equity markets delivered another strong quarter — but the real story is where returns came from and how portfolios were positioned to capture them. In this latest update, Marco Barbieri unpacks: • Why South African equities stood out globally • The role financials and basic materials played in performance • How positioning decisions shaped Q4 outcomes • And why Northstar remains cautious on gold equities despite a supportive backdrop