Lessons from 2025 and opportunities for 2026 with Niall Gallagher, Jupiter AM

After a year marked by shifting macroeconomic expectations, persistent volatility, and diverging equity performances, 2025 proved to be a demanding environment for investors, particularly in European markets.

In this context, we spoke with Niall Gallagher, Equity Investment Manager at Jupiter Asset Management, to reflect on the key lessons from 2025 and to explore where opportunities may lie as we head into 2026.

During the interview, Gallagher discusses what European equity investors underestimated over the past year and how active managers had to adapt their approaches to asset allocation and risk management in order to navigate a complex market backdrop. He also shares insights into how stock selection played a crucial role in generating value within European equity portfolios.

Looking ahead, the conversation turns to the macroeconomic and market forces likely to influence global investment decisions in 2026, as well as the sectors and investment styles in Europe that currently appear most attractive from an equity manager’s perspective.

• 0:22 - How would you describe 2025 for financial markets? What do you think European equity investors underestimated this year?

• 1:31 - Looking back, what key lessons did 2025 leave for active managers in terms of asset allocation and risk management?

• 3:33 - Focusing on European equities, how did your strategies perform in 2025, and where were you able to add the most value as a stock picker?

• 5:11 - Looking ahead to 2026, which major macroeconomic or market trends do you believe will shape global investment decisions?

• 7:07 - From your perspective as an equity manager, where do you currently see the most attractive opportunities in Europe, in terms of sectors or investment styles?