Five defining investing themes of 2025 | High stock valuations and a case for bonds | AI’s economic growth effects

Five investing themes of 2025. High stock values. AI's economic growth

Having trouble viewing this email? View Online Hi Aris, Welcome to the first edition of Smart Investing for 2026. Discover the five investing themes that defined 2025. We also look at high stock valuations and a case for bonds. Lastly, AI has been driving markets. But what are the economic growth effects from AI? LATEST INSIGHTS Five defining investing themes of 2025 The key factors that influenced trading on global financial markets. Read article High stock valuations and a case for bonds Our long-term expected returns for non-U.S. stocks are higher than for U.S. stocks. Read article AI's economic growth effects In 2026, AI investment is likely to accelerate and transform the global economy. Read article In case you missed it 2026 outlook: Economic upside, stock market downside Explore 2026 economic outlooks, trends, and asset class forecasts for global markets. Learn more Bullish on bonds but less so on U.S. stocks We favour fixed income and value stocks. Learn more Australia: A prolonged path of disinflation Constrained supply and weak productivity are economic challenges for Australia. Learn more Connect with Us Manage your preferences or unsubscribe. When you unsubscribe via the link, you will be unsubscribing to all Vanguard Australia marketing emails. Vanguard and its employees wish to acknowledge the Traditional Custodians of Country throughout Australia where we operate our business. We recognise their connection to the land, water and culture and wish to pay our respects to their Elders past, present and emerging. Important information Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours or your clients‘ circumstances into account when preparing this email so it may not be applicable to the particular situation you are considering. You should consider yours and your clients‘ circumstances, and our Product Disclosure Statement (PDS) before making any investment decision or recommendation. Distributors of our products must consider our Target Market Determinations ("TMDs") which describe the investors for whom the product would likely be appropriate and consistent with their objectives, financial situation and needs. You can access our PDSs and TMDs at www.vanguard.com.au or by calling 1300 655 101. Past performance is not an indication of future performance. Our electronic publications are prepared in good faith and we accept no liability for any errors or omissions. Not all articles are prepared by Vanguard so they may not represent our views and opinions. Vanguard Investments Australia Limited is in no way responsible for the content or loss resulting from use of any website owned by a third party that may be linked to this email via a hyperlink. © 2026 Vanguard Investments Australia Ltd. All rights reserved. Use of cookies If you click through to the vanguard.com.au website from this email, a cookie may be placed on your computer to enable Vanguard or our third party service providers to collect information about your use of the vanguard.com.au website to support website performance, enhance site navigation, improve our web design and functionality and tailor our communications to you regarding our products and services. The information collected by Vanguard or our service providers does not include personal information that could be used to identify you such as your name, address, telephone number, email address, or account information. Unless you have adjusted your browser settings so that it will refuse cookies, our system may set cookies when you visit the site. You may choose to remove or disable cookies via your browser. Google Analytics uses data when you access the Vanguard website. For more information, see "HOW GOOGLE USES INFORMATION FROM SITES OR APPS THAT USE OUR SERVICES," located at https://policies.google.com/technologies/partner-sites. You can opt out of being tracked by Google Analytics at the following location: https://tools.google.com/dlpage/gaoptout. To learn more about how Vanguard uses cookies, please visit the Vanguard Cookie Policy. By using our website, you consent to the use of cookies as described above. Please do not reply to this email as it is not monitored. To contact us, please call us on 1300 655 101 between Monday and Friday, 8:00am to 6:00pm (AET). Terms and conditions of use | Disclaimers| Privacy policy | Cookie policy

Do you know how your super compares?

Compare and save

Having trouble viewing this email? View Online See how your super fund compares Your retirement journey is unique, and we’re here to support you every step of the way. As a smart investor, we want to help you make an informed choice about your financial future. Compare your super fund against Vanguard Super and take a step towards a brighter tomorrow. In fact, since launching in October 2022, Lifecycle has delivered a 13.55% annualised return for members aged 47 and under.3 That’s great news for your retirement kitty! Compare your super Connect with Us 1. Vanguard MySuper Lifecycle Age 47 and under total fees have been compared against the average total fee on a $50,000 balance for options within the SR50 MySuper Index, SuperRatings Fee Report, 30 June 2025. Other fees and costs may apply. 2. Past performance is not a reliable indicator of future performance. Vanguard Lifecycle Age 47 and under annual return compared against the median return for Growth (77-90) options, SuperRatings Fund Crediting Rate survey, 2025 financial year.  3. Past performance is not a reliable indicator of future performance. Performance annualised from 5 October 2022 through to 30 June 2025.  Investment returns are not guaranteed. Unsubscribe. When you unsubscribe via the link, you will be unsubscribing to all Vanguard Australia marketing emails. Vanguard and its employees wish to acknowledge the Traditional Custodians of Country throughout Australia where we operate our business. We recognise their connection to the land, water and culture and wish to pay our respects to their Elders past, present and emerging. Important information Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) (VIA) is the product issuer and operator of Vanguard Personal Investor. Vanguard Super Pty Ltd (ABN 73 643 614 386 / AFS Licence 526270) (the Trustee) is the trustee of Vanguard Super (ABN 27 923 449 966) and the issuer of Vanguard Super products. The Trustee has contracted with Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) (VIA) to provide some services to members of Vanguard Super. Any general advice is provided by VIA. The Trustee and VIA are both wholly owned subsidiaries of The Vanguard Group, Inc. (collectively, "Vanguard"). The information provided in this email is general in nature and doesn't take into account your personal financial objectives, situation or needs. You should consider your objectives, financial situation or needs, and the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before making any decision about Vanguard Super. The PDS and TMD can be accessed free of charge at vanguard.com.au/super or by calling 1300 655 101. Before you make any financial decision regarding Vanguard Super, you may wish to seek professional advice from a suitably qualified adviser. Past performance information is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. This email was prepared in good faith and we accept no liability for any errors or omissions. For security reasons, Vanguard will not send you an email or SMS with clickable links asking you to verify or provide your personal information such as your account or login details. Please do not reply to this email as it is not monitored. To contact us, please call us on 1300 655 101 between Monday and Friday, 8:00am to 6:00pm (AET). © 2025 Vanguard Super Pty Ltd. All rights reserved. Terms and conditions of use | Disclaimers | Privacy policy | Cookie policy

Vanguard's 2026 economic and market outlook | Bullish on bonds but less so on U.S. stocks | Our outlook for Australia

Vanguard's 2026 outlook. Bullish on bonds but less so on U.S. stocks.

Having trouble viewing this email? View Online Hi Aris, Welcome to our final edition of Smart Investing for 2025. Now is an important time to reflect as we wrap up this year. This edition comes at a very difficult time following the terror attack in Sydney over the weekend. Our thoughts and prayers go out to all who have been impacted by this horrific event.   In this week's edition we provide Vanguard's economic and market outlook for 2026, where we delve into AI's rapid evolution and its expected impacts on economies and markets. Separately, we explain why we're bullish on U.S. bonds, but are less so on U.S. stocks. And, lastly, read our outlook for the Australian economy and our expectations for further interest rate cuts.    We wish all our readers a very happy holiday season and new year.   You'll receive our next Smart Investing edition on 14 January 2026.  LATEST INSIGHTS 2026 outlook: Economic upside, stock market downside Explore 2026 economic outlooks, trends, and asset class forecasts for global markets. Read article Bullish on bonds but less so on U.S. stocks We favour fixed income and value stocks. Read article Australia: A prolonged path of disinflation Constrained supply and weak productivity are economic challenges for Australia. Read article In case you missed it ASIC finds major failings in some SMSF advice The regulator has uncovered serious compliance failures that risk client harm. Learn more It’s super hump month. Make the most of it Six ways to get more money into your super fund before 30 June. Learn more 12 financial tips for the festive season and year ahead Some investing steps to get you through the holiday season, the new year, and for the future. Learn more Connect with Us Manage your preferences or unsubscribe. When you unsubscribe via the link, you will be unsubscribing to all Vanguard Australia marketing emails. Vanguard and its employees wish to acknowledge the Traditional Custodians of Country throughout Australia where we operate our business. We recognise their connection to the land, water and culture and wish to pay our respects to their Elders past, present and emerging. Important information Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours or your clients‘ circumstances into account when preparing this email so it may not be applicable to the particular situation you are considering. You should consider yours and your clients‘ circumstances, and our Product Disclosure Statement (PDS) before making any investment decision or recommendation. Distributors of our products must consider our Target Market Determinations ("TMDs") which describe the investors for whom the product would likely be appropriate and consistent with their objectives, financial situation and needs. You can access our PDSs and TMDs at www.vanguard.com.au or by calling 1300 655 101. Past performance is not an indication of future performance. Our electronic publications are prepared in good faith and we accept no liability for any errors or omissions. Not all articles are prepared by Vanguard so they may not represent our views and opinions. Vanguard Investments Australia Limited is in no way responsible for the content or loss resulting from use of any website owned by a third party that may be linked to this email via a hyperlink. © 2025 Vanguard Investments Australia Ltd. All rights reserved. Use of cookies If you click through to the vanguard.com.au website from this email, a cookie may be placed on your computer to enable Vanguard or our third party service providers to collect information about your use of the vanguard.com.au website to support website performance, enhance site navigation, improve our web design and functionality and tailor our communications to you regarding our products and services. The information collected by Vanguard or our service providers does not include personal information that could be used to identify you such as your name, address, telephone number, email address, or account information. Unless you have adjusted your browser settings so that it will refuse cookies, our system may set cookies when you visit the site. You may choose to remove or disable cookies via your browser. Google Analytics uses data when you access the Vanguard website. For more information, see "HOW GOOGLE USES INFORMATION FROM SITES OR APPS THAT USE OUR SERVICES," located at https://policies.google.com/technologies/partner-sites. You can opt out of being tracked by Google Analytics at the following location: https://tools.google.com/dlpage/gaoptout. To learn more about how Vanguard uses cookies, please visit the Vanguard Cookie Policy. By using our website, you consent to the use of cookies as described above. Please do not reply to this email as it is not monitored. To contact us, please call us on 1300 655 101 between Monday and Friday, 8:00am to 6:00pm (AET). Terms and conditions of use | Disclaimers| Privacy policy | Cookie policy