Basis Points Why the US underperformed in 2025 - and why it will happen again - Cameron Gleeson
2025 saw global markets outside the US outperform and Betashares’ Cameron Gleeson believes that trend is far from over.
We sat down with Cam, Senior Investment Strategist at Betashares, to unpack the macro and market forces that could see Europe, Japan, and emerging markets lead the charge in 2026.
You’ll learn:
- Why the US may lag despite strong earnings growth
- Europe’s policy pivot and Japan’s inflation comeback
- The emerging markets getting Cameron most excited
- Currency hedging strategies and portfolio positioning for 2026
Chapters:
00:00:00 The Case For Looking Beyond The US
00:04:07 Why 2025 Rewarded Ex US Positioning
00:08:24 When Currency Moves Drive Real Returns
00:10:48 The Macro Setup Heading Into 2026
00:16:20 Japan’s Turn From Laggard To Leader
00:22:01 Where Emerging Markets Still Make Sense
🔍 Links Mentioned: Win a $500 Visa Digital eGift Card by completing the 2026 Equity Mates Media Community Survey! The Community Survey helps us understand how we can continue to improve our content to help you on your money and investing journey. You can either complete the five compulsory questions, or take 10 minutes to give us a bit more feedback: https://www.surveymonkey.com/r/WRWDVTV
📈 Stocks & ETFs Mentioned: Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Betashares Japan Currency Hedged ETF (ASX: HJPN), BHP Group (ASX: BHP), Microsoft (NASDAQ: MSFT)
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CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.
0.05 Total Hours
ASIC Knowledge Requirements: Securities (0.50 hour) Legislated CPD Area: Technical Competence (0.50 hour)
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