Market Monitor: With Jyotsana Wadera, Putnam Investments

In the following four-minute video, Jyotsana Wadera, Senior Client Portfolio Manager with Putnam Investments,  reflects on the evolving market land scape, highlighting several factors contributing to a positive outlook for U.S. equities.

Despite a volatile start to the quarter, strong corporate earnings—particularly among tech companies—have exceeded expectations, reinforcing investor confidence. The U.S. consumer remains resilient, supported by healthy balance sheets and sustained spending power.

A notable shift is the broadening of market performance beyond the usual high-flying names, offering encouraging signs for active managers and diversified portfolios. Investment momentum, especially in technology and AI, continues to accelerate. Jyotsana emphasizes AI as a transformative force, likening its impact to the early days of the internet. While volatility is expected, long-term growth potential remains compelling.

Moderating Federal Reserve policy is also seen as constructive for equities, influencing portfolio positioning and risk management. She stresses the importance of identifying enduring investment themes—such as personalized medicine and AI implementation across sectors—rather than chasing short-term fads.

Consumer strength is still evident, with banks reporting stable credit behavior and balance sheets. However, the potential impact of tariffs and rising prices is being closely monitored for signs of weakening demand. Overall, the tone remains cautiously optimistic, with a focus on long-term opportunities, disciplined portfolio construction, and vigilance around macroeconomic risks.

Jyotsana’s balanced perspective underscores the importance of strategic positioning in a dynamic market environment, encouraging investors to stay focused on fundamentals and emerging growth drivers.

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The views expressed in this video are those of Mawer Investment Management Ltd. as at September 17, 2025 and are subject to change without notice.

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Publication date: October 30, 2025