The new year has started well for investors, with stock markets in the UK, US and Europe shrugging off yet more worries to post strong returns. That follows a big year for stock market investors in 2025, including impressive performances from investments ranging from European defence stocks to AI hopefuls and big tech. The S&P 500 returned 18 per cent in 2025, but for once the US stock market wasn't at the head of the pack. This is Money spoke to four global fund managers about what they are backing this year. 'After years of underperformance, the UK market finally had a year to remember in 2025.'