Group 1: Market Overview - Global equity markets showed strong performance in Q4 2025, supported by easing inflation and positive economic data [1] - The Hardman Johnston Global Equity Strategy achieved a return of 2.91%, while the MSCI AC World Net Index gained 3.29% [1] - The Financials and Consumer Staples sectors contributed positively to the strategy's performance, whereas the Industrials and Consumer Discretionary sectors detracted from it [1] Group 2: Company Focus - MercadoLibre, Inc. - MercadoLibre, Inc. (NASDAQ:MELI) was identified as a significant detractor in the fourth quarter, with shares trading between $1,723.90 and $2,645.22 over the past year [2] - As of January 26, 2026, MercadoLibre's stock closed at $2,212.62, reflecting a one-month return of 9.49% but a three-month decline of 3.38% [2] - The company has a market capitalization of $112.174 billion [2] Group 3: Competitive Landscape - Increased competitive pressure from Amazon has impacted MercadoLibre's performance, particularly in the Consumer Discretionary sector [3] - Amazon's new initiatives, including promotions on fulfillment fees and reduced commissions for new merchants, pose challenges to MercadoLibre [3] - Despite the competition, MercadoLibre's strong logistics network and ecosystem advantages are expected to maintain its leadership position in Brazilian e-commerce [3] Group 4: Strategic Investments - MercadoLibre is committed to reinvesting in its core offerings, which includes lowering free shipping thresholds and expanding its credit card portfolio [3] - These investments are anticipated to weigh on near-term margins but have historically strengthened the company's competitive position [3]