It’s been another year of surprises for investors. Inflation has proven sticky, markets have zigged and zagged between optimism and fear, and headlines continue to focus on what could go wrong next. Yet, amid all the noise, one lesson endures — patience still pays.
That theme has been echoed time and again by the fund managers and experts we speak to, markets are always climbing a “wall of worry” and trying to predict the next dip or rally can often do more harm than good.
Instead, the managers we follow remind us that investing is about time in the market, not timing the market. Here’s what that looks like in practice.
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1. Hidden value takes time to shine
It can be easy to lose patience with areas of the market that have underperformed for years. The UK, for example, has been unloved for some time. Yet Alan Dobbie, co-manager of the Rathbone Income fund, believes this period of neglect has created opportunity, particularly among UK mid-caps.
“These companies very rarely trade at a discount to large caps,” he explains. “When they do, you see lots of opportunities.” He’s been gradually increasing exposure, confident that the valuation gap will eventually close as investors rediscover the UK’s strengths. A similar story is playing out in UK property. Matt Norris, who manages the TM Gravis UK Listed Property fund, notes that the sector remains deeply undervalued, however, he believes patient investors could be rewarded as private equity and institutional buyers return. “You don’t have to wait five or ten years for a re-rating,” he says. “It’s happening already.”
The lesson? Markets can stay out of favour for longer than we expect, but history shows that undervaluation rarely lasts forever.
2. Long-term trends need long-term investors
While short-term sentiment can swing wildly, structural shifts, such as digitalisation, ageing populations and artificial intelligence, take years to play out. Matt Ward, co-manager of the AXA Framlington Global Technology fund, describes AI as “a general-purpose technology that’s becoming deeply personal.” He believes we’re still in the early stages of its development, as AI moves from hype to real-world utility.
Likewise, Jason Pidcock, manager of Jupiter Asian Income, sees the region’s tech leadership and growing domestic demand as enduring advantages. “Asia does tech particularly well,” he says, pointing to Taiwan, South Korea and India as examples. His portfolio of just 25 holdings reflects a selective, conviction-led approach, one that resists chasing fads.
Remember, long-term themes can’t be captured in short-term trades. Patience is what allows investors to benefit as trends evolve from early promise to mainstream growth.
3. Diversification keeps you steady when markets wobble
Volatility isn’t something to avoid, rather it’s something to manage. One of the best tools investors have is diversification. Anthony Kettle, manager of the BlueBay Emerging Markets Unconstrained Bond fund, sees opportunity in places many overlook, such as emerging market currencies and frontier debt. “We’ve been through a long period of dollar strength,” he says. “Now the opportunity is in emerging market currencies that look cheap and could benefit as the dollar weakens.”
By diversifying into areas with different drivers, for example, bonds, property or overseas markets, investors can smooth returns and reduce the impact of any single setback.
No one can predict every twist and turn, markets always climb a wall of worry. The important thing is not to jump off halfway up. Diversification gives you the grip to keep climbing.
4. Market timing feels smart — until it isn’t
Trying to “wait for the right time” to invest is one of the most common mistakes investors make. It’s tempting – after all no one wants to buy just before a dip. But markets often move higher, despite bad headlines. Inflation worries, elections, trade tensions, they’re all part of the background noise that can cause investors to hesitate, even when opportunities are right in front of them.
The fund managers we speak with rarely try to time those moments. Instead, they stay focused on fundamentals and valuation, trusting that compounding returns over years will outweigh any short-term missteps. It’s a discipline that’s easy to admire and hard to replicate.
5. Staying the course
Markets will always test investors’ nerves. But those who can stay calm through the turbulence are often the ones rewarded over time. The managers mentioned here all share that mindset: they build positions gradually, diversify intelligently, and allow time to work in their favour.
Patience, after all, is strategic. It’s about giving good ideas space to grow, and resisting the urge to tinker with every market move. As we often have to remind even ourselves, investing isn’t about finding certainty; it’s about building confidence through knowledge, diversification and time.
Markets are unpredictable, and the news rarely makes them feel any less so. But the underlying drivers of wealth creation haven’t changed. Whether it’s undervalued UK stocks, emerging market bonds, or the next decade of AI innovation, the best opportunities often need one simple ingredient: patience.
Because while the world moves fast, investing rewards those who don’t.
