January 6, 2026 02:36 PM GMT M Foundation India Equity Strategy Playbook | Asia Pacific The Coming Upside Surprise Valuations, trailing performance, the macro, positioning and the growth cycle all signal improving stock returns in the months ahead. Valuations and performance in favour: The trailing 12M performance is the worst in history and relative valuations are approaching previous troughs. For the first time in nearly five years, equity valuations look favourable relative to short-term interest rates a ...