Balfour Capital Group Reports Strong 2025 Equity Recommendation Performance

Disciplined research and active target management underpinned strong equity results in 2025.

Disciplined research, valuation focus, and active target management allowed us to identify high-quality opportunities and compound capital despite a volatile and highly selective market.” — Steve Alain Lawrence, Chief Investment Officer

HONG KONG ISLAND, HONG KONG — Balfour Capital Group today published its 2025 Equity Recommendations Annual Performance Review, detailing a year of disciplined alpha generation, rigorous research execution, and consistent investment outcomes achieved across a challenging and highly dispersed global equity landscape.

The review underscores the strength of the firm’s research-led investment framework and reflects the close collaboration between Steve Alain Lawrence, Chief Investment Officer, and Hersh Oberoi, Global Research Director. Their combined leadership was instrumental in guiding portfolio construction, shaping investment conviction, and identifying high-quality equity opportunities throughout the year.

In 2025, Balfour Capital Group issued 79 equity recommendations across U.S. large-cap leaders, selective mid-cap opportunities, and targeted thematic exposures. The cohort delivered a 65.8% win rate, with an average return of 15.4% and a median return of 7.1%, despite an environment marked by elevated interest-rate volatility, rapid sector rotation, and pronounced performance dispersion between market winners and laggards.

A defining characteristic of the year was the firm’s disciplined yet adaptive approach to target management. 29.1% of recommendations reached their stated price targets within the calendar year, while several high-conviction positions warranted upward target revisions as fundamentals strengthened. This process allowed the firm to capture meaningful upside without sacrificing valuation discipline or risk control.

Under the strategic direction of Steve Alain Lawrence, the investment process remained firmly anchored in fundamental analysis, earnings durability, balance-sheet strength, and long-term structural trends. Rather than responding to short-term market noise, the firm focused on identifying asymmetric risk-reward opportunities capable of compounding capital through market cycles.

Central to this approach was the work of the Global Research team led by Hersh Oberoi. As Global Research Director, Mr. Oberoi oversaw the development and execution of the firm’s equity research framework, emphasizing deep fundamental diligence, valuation sensitivity, and continuous thesis reassessment. Each recommendation was initiated with a clearly defined entry point, a robust investment thesis, and explicit criteria for review, upgrade, or exit—ensuring accountability and consistency across the research platform.

The 2025 results highlighted the firm’s ability to identify standout performers ahead of broader market recognition. Several recommendations materially outperformed benchmarks and consensus expectations, driven by a combination of structural growth drivers, operational execution, and valuation re-ratings. These outcomes reflected the strength of coordination between the CIO’s office and the Global Research function in translating macro awareness and bottom-up analysis into actionable investment ideas.

From a sector perspective, Industrials, infrastructure-linked equities, and defense-related names were among the strongest contributors, benefiting from reshoring dynamics, capital expenditure cycles, and sustained government spending visibility. Technology exposure was approached selectively, with emphasis on AI-linked infrastructure, data platforms, and mission-critical software, while avoiding indiscriminate valuation risk. Consumer and healthcare exposures provided resilience and, in select cases, significant re-rating opportunities supported by brand strength and balance-sheet improvement.

Not all recommendations performed uniformly within the calendar year. Approximately one-third of positions ended 2025 with negative returns, largely reflecting macro headwinds, sector rotations, or timing mismatches rather than fundamental thesis failures. In many instances, these positions experienced substantial interim upside during the year, reinforcing the value of patience, discipline, and target-based decision-making.

Risk management remained a core pillar of the firm’s investment philosophy. Recommendations were constructed to capture asymmetric upside while controlling downside at the portfolio level through diversification, valuation anchoring, and active reassessment. The resulting dispersion of returns reflected genuine active management and alpha generation rather than index-like exposure.

Reflecting on the year, Balfour Capital Group reaffirmed its commitment to transparency, process discipline, and repeatability. The 2025 Equity Recommendations Review serves not only as a performance summary, but as a demonstration of a scalable and durable research platform designed to navigate complex market environments.

As the firm looks ahead, the lessons and successes of 2025 provide a strong foundation for continued performance. Guided by the leadership of Steve Alain Lawrence and the research stewardship of Hersh Oberoi, Balfour Capital Group remains focused on delivering long-term value through disciplined, research-driven investing.