Content (457)
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White papersUS dollar dominance: Playing Jenga with the global monetary system
Assumptions that underpin the US dollar’s status as the world’s primary reserve currency are eroding more quickly than expected. What happens if the tower starts to collapse?
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White papersAI research trip reaffirms bullish outlook
Over the summer a group of our analysts and portfolio managers spent a week in San Francisco. The trip was an integral part of our ongoing research into artificial intelligence (AI) and related investment opportunities. Our scale as investors affords us exceptional corporate access and during our time in San Francisco we met senior leaders from around a dozen different technology companies, from heavyweights like NVIDIA and Broadcom to names operating throughout the data supply chain.
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White papersThe rise of the Magnificent 7: Concentration risk versus earnings power
Concerns about market concentration and the performance of the Magnificent 7 (Mag 7) stocks – Apple, Microsoft, Google, Amazon, Nvidia, Meta and Tesla – have become increasingly common in investor conversations. Many are questioning whether the current environment resembles a market bubble. To address this, we will take a closer look at the numbers and history to see how today’s market stacks up.
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White papersA wheel opportunity: Premium tyre makers use EVs to inflate margins
The electric vehicle (EV) transition presents a significant opportunity for premium tyre manufacturers. EVs create unique demands on tyres that favour established industry leaders with advanced technological capabilities. At the same time, growing regulation and litigation on tyre particulate emissions, deforestation-risk rubber, and toxic tyre chemical compounds could reverse the market share growth of budget tyre entrants in Western markets.
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White papersClear skies ahead: Japan’s structural renaissance
Japan is undergoing a transformative moment that positions it as one of today’s most compelling investment opportunities. The temporary nature of trade tensions stands in contrast with a powerful combination of strong domestic-led growth and sweeping corporate governance reforms that are reshaping the economy. With valuations sitting well below both historical averages and global peers, investors now have a rare opportunity to invest in Japan’s structural transformation.
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White papersElectric Vehicle transition: poised to move through the gears
Early market optimism on the electric vehicle (EV) transition has faded over the last two years as growth rates in Europe and the US have stalled. Today we can see a three-speed global EV market: China is surging ahead, Europe is showing renewed momentum, and the US is stuck in the slow lane.
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White papersResilient European High Yield market looks beyond tariff uncertainty
We cannot ignore the dominant themes impacting markets across the world, but a resilient and supported European marketplace is well placed to prosper in these challenging times.
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White papersA bitter pill: what tariffs could mean for pharmaceutical firms and the wider healthcare industry
The US government’s proposal to impose tariffs on pharmaceutical imports has ignited a complex debate, intertwining economic, healthcare, and geopolitical considerations. While the initiative aims to bolster domestic manufacturing and reduce reliance on foreign supply chains, it also raises concerns about drug affordability and availability, and has broader implications for the healthcare system.
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White papersNavigating the fog of tariffs in emerging market equities
We don’t pretend to have all the answers on China and the US, and we reserve the right to change our minds – especially as Donald Trump changes his. Amid such market volatility we are not making bold macro calls, instead our focus is on thoughtful, quality-led stock selection.
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White papersMidyear fixed-income outlook: Strategic scenarios for bond investors
How will policy uncertainty and macro headwinds shape opportunities in fixed income?
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White papersMidyear equity outlook: Staying selective amid volatility
A year that began with a rosy outlook for equities was soon jolted by tariff announcements, sending markets reeling. Looking out for the remainder of 2025, we remain constructive in our outlook on equities. Tariff tumult and a challenging macroeconomic environment remain acute in many regions.
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White papersMidyear macro outlook: A new dawn of uncertainty
Geopolitical tensions, tariff uncertainty and global economic slowdown look set to define the second half of 2025. Our global CIO looks at why active management and research-led investing are the way to navigate this global complexity.
