Barron’s Funds Quarterly+ (2025/Q4–January 12, 2026)https://www.barrons.com/topics/mutual-funds-quarterly(Performance data quoted in this Supplement are for 2025/Q4 and for 2025)
If this is an AI bubble, worry how it may unwind – sectorally (e.g. dot. com bubble burst) or systemically (e.g. GFC). This bull market has had 3 good years and broadening into non-AI/tech may extend its life into a 4th year. SP500 has 35% in tech nominally, but that overlooks some AI/tech hidden within communications (
XLC) and consumer-discretionary (
XLY). Prudent strategies include adjusting allocations, rebalancing, dividend stocks, alternatives, and foreign exposure. Mentioned are ARCNX (commodities), BDMAX (market-neutral),
DFJ (Japan dividends),
FDV (dividends), GQEPX (quality), GSINX (foreign), MOWNX (global),
SCHD (dividend),
SDCI (commodities), SFVLX (foreign), SVAAX (dividends),
XLP (consumer-staples),
XLU (utilities); in bonds,
AGG, PTTRX. (By
@LeweisBraham at MFO)
QUARTERLY REVIEW. WINNERS were precious metals (
GLD, GDX; SLV, SIVR), LOSERS were cryptos (
IBIT, COIN). Strong were healthcare/biotech
BBC, VGHCX; natural resources
LITP, GUNR; foreign
IDV, EPDIX, DODFX,
GMOI, SCINX,
VXUS. Surprising was VPMCX that had a good year but heavy outflows. Not surprisingly, firms rushed to offer new ETFs and ETF classes/clones of mutual funds (and some firms also offered mutual fund classes of ETFs – why not?). (By
@LeweisBraham at MFO)
MFOP data for 2025/Q4.
Top 5 Categories – commodities, precious metals, biotech
https://i.ibb.co/rfQ9fgyc/MFOP-Quarterly-Top5-010426.png 
Bottom 5 Categories – alts, China, global sc/tech
https://i.ibb.co/kg820J0G/MFOP-Quarterly-Bottom5-010426.png 
LINKs:
Quarterly Digest1 Digest2
Comments
CIO Rajiv Jain and his team wrote that they were "wary of late-cycle credit and tech valuations." They believed that the economy was late in its cycle and that a recession or slowdown was imminent.