Global equities that should prove resilient to the stock market’s storms
Alex Illingworth of Goshawk Asset Management highlights three diverse opportunities in global equities despite a turbulent landscape


Despite a turbulent global landscape in 2025, equity markets have remained resilient, a reminder of how well good businesses often respond to shocks and challenges. And it’s not just world events they’re having to cope with. Persistently high bond yields are raising the bar for equity investors.
When returns on cash in the bank and relatively safe bonds are high, it suppresses their appetite for stocks.
In an environment of uncertainty like this, you need to focus more than ever on quality companies, valuation discipline and portfolio diversification. The Goshawk Global Balanced Fund UCITS ETF (LSE: ROE) delivers on these fronts. Below are three holdings that illustrate the diverse opportunities in global equities.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Three global equities for your portfolio
Mitsubishi Electric (Tokyo: 6503) has long been a sprawling Japanese conglomerate, but recent years have seen rapid progress in corporate governance, aligning with government reforms. The company is implementing a return-on-invested-capital strategy to improve profitability. This has led to restructuring initiatives – such as spinning off the vehicle-electrification unit – to focus on higher-margin operations such as factory automation and air conditioning (vital for data centres).
In addition, its growing defence business, with advanced radar technology, adds another growth pillar. Not only is this company reasonably cheap on traditional metrics, but it also comes with huge balance-sheet value. The latter is key to traditional value investing and our analysis sees the stock trading well below the cost of rebuilding its various franchises.
One of the great opportunities that this market is throwing up is a set of companies that have demonstrated quality and compounding cash flows over many years. In the recent momentum and growth market, a number of these stocks have been left behind.
Thermo Fisher (NYSE: TMO) is one of these. It stands out as a leader in analytical instruments and services for clinical research, diagnostics, and environmental monitoring. Clients include pharmaceutical companies, research institutions and government agencies. From 2013 to 2023 it delivered annual free cash flow growth of approximately 15%.
Growth has moderated following the pandemic, while recent policy headwinds in research funding have reinforced the trend. This has been especially acute in the Trump presidency. Rather than rely on acquisitions, management has remained focused on improving the core business and growth rate. Last year, the company reaffirmed its expectation of long-term organic revenue growth guidance of 7%–9%. Combined with the target of robust cash generation, this supports the thesis that Thermo Fisher remains undervalued relative to its track record.
Seeking global stability and growth at reasonable prices has encouraged us to build a long-term position in Singapore Telecommunications (Singapore: Z74). The company excels at redeploying the strong cash flow it generates at home into higher-growth international markets, notably via Bharti Airtel in India, as well as holdings in Australia, the Philippines, Indonesia and Thailand. Indian mobile telephony is benefiting from easing competition, driving improved free cash flow.
In addition, 5G adoption and data centre investments underpin further expansion for the group. Singapore Telecommunications has also been adept at selling non-core assets to fund new growth and enhance shareholders’ returns. The current 4.7% dividend yield is well supported and highlights continued commitment to payouts.
This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Alex has run Global Equity Funds since 1997. He started his career at Rothschild Asset Management running institutional Global Equity mandates. More recently he spent 12 years building a Global Equity business at Artemis Investment Management. He has run mutual funds, institutional money and investment trust mandates. He has founded Goshawk Asset Management LLP with the backing of Christopher Mills and Harwood Capital. He also sits on the Investment Committee of the Royal Academy of Engineering.
-
Inheritance tax raid sees families rush to take out life insurance to pay death bills
Life insurance sales surged last year as families looked for ways to to pay inheritance tax bills, following the Autumn Budget announcement that more assets could be charged
-
Families paying up to £5k for fake ‘asset protection’ trusts – warning signs to avoid
Fraudulent schemes are being misused, offer no real protection and can trigger unintended legal and tax consequences, lawyers have warned
-
How to cash in on overlooked British bargains offering both income and growth
Opinion Sue Noffke, manager of the Schroder Income Growth Fund, selects three UK stocks where she’d put her money
-
Beazley: a compelling specialist insurer
The insurer Beazley is unusually profitable at present, and that looks set to continue. The stock is also a valuable portfolio diversifier, says Jamie Ward
-
The problem with renewables trusts
The value of assets owned by renewables trusts is far more volatile than investors expected
-
The great Reit fire sale – where to find the best value
The real estate investment trust (Reit) sector offers some once-in-a-lifetime opportunities
-
Investors can tap into juicy yields in overlooked companies’ debt and equity
Opinion Ian “Franco” Francis, fund manager, Manulife CQS New City High Yield Fund tells MoneyWeek where he’d put his money
-
Domino’s Pizza Group: A global brand going cheap
Opinion The troubles at Domino’s Pizza Group look cyclical rather than structural, says Rupert Hargreaves
-
Three poor deals for trust investors
Opinion Small shareholders need protection in related-party deals, says Bruce Packard
-
The challenge with currency hedging
A weaker dollar will make currency hedges more appealing, but volatile rates may complicate the results