The performance of international equity markets was volatile and varied for November of 2025. Concern over the future and valuation of AI stocks led to downward pressure early in the month. With the prospect of easier monetary policy in certain regions later in the month, MSCI’s aggregate standard international index clawed back most of its losses. For November it was down -.01% and year-to-date (January 1st to November 30, inclusive) it returned a positive 29.21%. The US counterpart was up .03% for the month and 17.74% year-to-date.
MSCI’s developed Europe index was up 1.49% in November. A strong performer for most of the year, Portugal was dragged down 4.64 % by the performance of its largest component – EDP (Energias de Portugal). On the other hand, a strong domestic economy and resilient corporate fundamentals were credited for the Irish equities market reaching a new high. The MSCI Ireland index was up 9.49%. The developed Europe index was up 31.12% year-to-date.
Economic and AI concerns weighed heavily on some Asian stocks. MSCI’s developed Pacific index was down .98% In Australia, expectations that the Reserve Bank may pause interest rate cuts put pressure on equities; the MSCI index was down 3.41% for November. On the other hand, the Hong Kong stock market was strong as export and growth in domestic demand led to overall GDP expansion; MSCI’s benchmark was up 2.56% for the month. The Canadian index also did well for November, it was up 4.24% on the heels of good GDP numbers and strong performance of the materials, energy and technology sectors. For the month, MSCI’s developed World ex USA was up 1.07% and 28.66% year-to-date.
In aggregate, emerging markets detracted from international equity performance with MSCI’s relevant index down 2.38% for November. Latin America and Eastern Europe continued to do well – up 6.09% and 2.7%, respectively. The Emerging Market Asia index was down, however, 3.23% – with tech-heavy Korea (-7.88%) and Taiwan (-5.01%) among the worst performing countries. Year-to-date the EM index was up 9.01%.
This is the last Bastion Fiduciary International Equity monthly letter for 2025. In January, we’ll review highlights of 2025 and our two proprietary portfolios: Bastion International Value and Bastion International Equity Income portfolios.
In the meantime, please visit our website at https://lastbastion.com for more information and updates on our Bastion Energy Portfolio and Bastion Industrial and Infrastructure Portfolio and our wealth management capabilities.
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