Markets love a good story. And for most of 2025, it’s been the same story everywhere.

A handful of mega-cap stocks have driven the majority of equity market returns in the US, and a similar pattern has been evident here in Australia, where blue-chip heavyweights have dominated the spotlight.  

In both jurisdictions, hundreds of profitable companies have been ignored, and that’s how overlooked stocks are born. These are not broken businesses, just forgotten ones.

Later in the year, investors started to move down the market-cap spectrum - particularly in Australia, where small-caps have caught a bid. 

As leadership continues to broaden and fundamentals regain the spotlight, those ignored names can re-rate fast.

With 2026 now underway, we asked 10 leading fund managers to look beyond the obvious and share the overlooked stock they believe could surprise on the upside.

These interviews were filmed on Tuesday, 9 December 2025.