[Fall 2026 GPS] Market Leadership Can Come from Unexpected Places

If we asked you which markets have delivered some of the strongest returns in 2026, what would you say? US technology stocks? Small companies? Canadian stocks?

Would emerging markets have made your list?

By June 22, an ETF tracking emerging-market stocks had gained approximately 31%, compared with roughly 10% for an ETF tracking the S&P
500.

South Korea provides a striking example. Its market gained approximately 88% in the second quarter, supported by companies supplying the artificial intelligence boom. SK Hynix, which manufactures advanced memory chips, gained approximately 219% during that quarter, according to Fidelity’s fund review.

This is why diversification matters. The investments attracting the most attention won’t always deliver the strongest returns, and market leadership can shift quickly. Owning businesses across different countries and industries allows us to participate when opportunities emerge (no pun intended) without guessing where the next winner will come from.