<h2 id="inthewintereditionofyournewsletter:" class="undefined">In the Winter edition of your newsletter:</h2>
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Retail investors are rewriting the rules of the stock market – driving volumes to record highs, boosting access and liquidity, and injecting both opportunity and chaos into global markets 
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<li class="Paragraph WhiteSpaceCollapse SCXP25755787 BCX8" data-indent="-450" data-ccp-props="{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:1,&quot;335559685&quot;:1170,&quot;335559731&quot;:-450,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:6}">As Japanese Prime Minister, Sanae Takaichi, looks to capitalise on high approval ratings in upcoming snap general elections, Japan’s markets have extended their extraordinary run and continued breaking through record highs </li>
<li class="Paragraph WhiteSpaceCollapse SCXP25755787 BCX8" data-indent="-450" data-ccp-props="{&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559683&quot;:1,&quot;335559685&quot;:1170,&quot;335559731&quot;:-450,&quot;335559737&quot;:0,&quot;335562764&quot;:2,&quot;335562765&quot;:1,&quot;335562766&quot;:4,&quot;335562767&quot;:0,&quot;335562768&quot;:4,&quot;335562769&quot;:6}">Our latest Portfolio Update takes a look at how global equity markets posted further steady gains for Q4 </li>
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<span style="font-size: 14.0pt; font-family: Calibri; mso-ascii-font-family: Calibri; mso-fareast-font-family: Calibri; mso-bidi-font-family: Arial; mso-ascii-theme-font: minor-latin; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-GB; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;">We also have two stock<span style="font-size: 14.0pt; font-family: Calibri; mso-ascii-font-family: Calibri; mso-fareast-font-family: +mn-ea; mso-bidi-font-family: Arial; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-GB; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;"> spotlight videos from our managers:
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<p style="language: en-GB; margin-top: 0pt; margin-bottom: 6.0pt; margin-left: .81in; text-indent: -.31in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;" class="O1 blockquote">o Sunil Thakor&nbsp;<span style="font-size: 14.0pt; font-family: Calibri; mso-ascii-font-family: Calibri; mso-fareast-font-family: +mn-ea; mso-bidi-font-family: +mn-cs; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-bidi-theme-font: minor-bidi; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-GB; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;">from&nbsp; Sands Capital discusses private equity firm 3i
<p style="language: en-GB; margin-top: 0pt; margin-bottom: 6.0pt; margin-left: .81in; text-indent: -.31in; text-align: left; direction: ltr; unicode-bidi: embed; mso-line-break-override: none; word-break: normal; punctuation-wrap: hanging;" class="O1 blockquote">o Andrew Wellington from Lyrical <span style="font-size: 14.0pt; font-family: Calibri; mso-ascii-font-family: Calibri; mso-fareast-font-family: +mn-ea; mso-bidi-font-family: +mn-cs; mso-ascii-theme-font: minor-latin; mso-fareast-theme-font: minor-fareast; mso-bidi-theme-font: minor-bidi; color: black; mso-color-index: 1; mso-font-kerning: 12.0pt; language: en-GB; mso-style-textfill-type: solid; mso-style-textfill-fill-themecolor: text1; mso-style-textfill-fill-color: black; mso-style-textfill-fill-alpha: 100.0%;">looks at Fidelity National Investment Services
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We hope you find this newsletter informative and valuable. If you'd like more information on the Trust, please visit alliancewitan.com or email  <a href="mailto:investor@alliancetrust.co.uk">investor@alliancewitan.com</a>.

The Zone: Your quarterly newsletter - Winter edition 2025/26

In the Winter edition of your newsletter: