Every year, markets have a habit of humbling consensus. Industries written off as “uninvestable” can quickly turn into the best-performing trades on the board, while last year’s darlings quietly fall out of favour. And 2025 was a textbook example.
Few investors began the year expecting gold, defence, critical minerals or uranium to deliver such standout returns – yet all surged as shifting geopolitics, energy security and supply-chain realities reshaped capital flows. Even more surprising was hydrogen’s sudden resurgence, catapulting the long-maligned sector onto the global leaderboard after years in the wilderness. At the same time, traditionally reliable areas like ASX technology and healthcare struggled to gain traction, reminding investors just how quickly market narratives can flip.
With 2026 now firmly in sight, the obvious question is: where will the next breakout come from?
From James Abela - Technology: Life360 (ASX: 360) and Applovin (NASDAQ: APP)
Portfolio Manager of the Fidelity Future Leaders Fund and Fidelity Global Future Leaders strategy.
I think technology is still the number one place you want to be.
One stock in Australia I like is Life360 and in the global market, AppLovin, both of which we own.
The two companies are exposed to very similar themes in technology. It's about productivity and efficiency. It's personal and it's corporate. There's a whole range of themes that are very common across those two ideas. But I do think technology as a group is probably the number one theme that will continue throughout 2026.
