All Large cap articles
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White papersThe great risk reversal: why emerging markets look structurally different in 2026
For much of the past decade, emerging markets (EM) were viewed primarily as a high-beta extension of global growth. Allocators tended to treat the asset class as cyclical exposure, sensitive to dollar strength, commodity swings, and Federal Reserve policy shifts.
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White papersDefining the lower mid-market: the benefits of a more focused approaching private equity
We believe private equity’s lower mid-market is rich with opportunity, yet it remains inconsistently defined. Investors exploring the segment in search of improved returns are faced with varying interpretations of what the lower mid market encompasses.
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White papersWhy the Software Sell-off Doesn’t Tell the Whole Story
The rise of AI has sown doubt within public equity markets about the software industry’s long-term viability. What might that mean for software equity investors and credit investors and lenders?
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White papersThe Memory Crunch: Winners and Losers
Memory chip prices are expected to rise sharply through 2026, driven by AI data center demand crowding out supply of traditional memory used in PCs, smartphones, servers, vehicles, and consumer electronics. This creates margin compression, product delay, and inventory risks for downstream Investment grade issuers.
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White papersHow Value‑Up Reforms Are Reshaping Asian Equity Opportunities
Asian jurisdictions are enhancing their corporate governance and equity market frameworks.
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White papersEquities: Navigate the AI and Tariff Disruption—Don’t Fight It
There’s no escaping the market impact of AI disruption and tariff uncertainty. But it’s better to lean into these forces and invest selectively than to be paralyzed by them.
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White papersAsia and EM equities lead
Since the start of the year, Asian indexes are leading equity markets, with the MSCI Asia Pacific registering its best performance relative to the S&P 500 since 2000. This outperformance is linked to robust demand for semiconductors and AI-related components, confirming a rotation of investors’ interest from companies with a high level of AI investment to companies that control scarcity inside and outside of the IT sector: critical chips and memory, power equipment, grid infrastructure, thermal management.
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White papersThe AI boom: Bubble risk or durable cycle?
Examines whether today’s AI-driven market rally reflects sustainable productivity gains or speculative excess.
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White papersQ4 2025 Equity Market Review
It has often been said that success and happiness lie within the journey rather than at the destination. For small cap investors, 2025 was a turbulent and twisting ride whose volatile journey fortunately ended with a successful outcome. After the 2024 Presidential election, equity markets rallied as many investors assumed the new administration’s focus on lower regulation and taxes would be beneficial to growth. Underlying economic activity was supportive of this conclusion, driven by consistent employment growth, better inflation trends and increased consumer activity.
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White papersUK Value – Beware the rear-view mirror…
In his latest insight, Matthew Tillett, Fund Manager of the Premier Miton UK Value Opportunities Fund, explores how persistent “crisis narrative” sentiment has weighed on UK SMID, despite improving fundamentals. With valuations still sitting at a steep discount to both UK large caps and international peers, the big question is: could 2026 be the year UK SMID starts to regain lost ground?
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White papersEquity Market Outlook 1Q 2026
In the following collection of charts, we a) reaffirm our belief that supportive macroeconomic and capital-markets forces have the potential to drive further equity gains; b) address what we view as some of the more important risks to our thesis (including potential drawdowns that tend to accompany mid-term election years, as well as rising bond market volatility); and c) offer tactical portfolio guidance across various equity markets.
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White papersFive years behind us, five years ahead: What’s next for UK Income investors?
Emma Mogford, fund manager of the Premier Miton Monthly Income Fund, looks back at why the FTSE All-Share Index rally favoured banks, defence and tobacco over the past 5 years. Looking ahead, Emma highlights asymmetric opportunities in real estate, housebuilders, utilities and Emerging Market exposed champions.
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White papers2026: The case for diversification remains strong
Market concentration risks stay elevated, strengthening the case for diversified portfolios in 2026.
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White papersAbove and below the radar: Five themes for 2026
The outlook for growth, inflation and rates remains unsettled, but compelling opportunities exist. From U.S. large caps and private credit continuing their momentum, to potential turnarounds in municipals, real estate and private equity. Discover five investment themes to watch in 2026, including less-discovered areas like alternative credit markets and second-derivative AI plays.
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White papersAI investment drive calls for diversification
“Worries about extreme valuations in US mega caps call for a diversified approach into areas and sectors which are supported indirectly by AI, but more reasonably priced.”
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White papersEquity Market Outlook 4Q 2025
In spite of concerns about AI-related valuations, we believe a strong economy—with monetary stimulus in the pipeline and still more to come—has set the stage for stronger equity performance in 2026.
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White papersUnderstanding Europe’s lag in the AI-led equity landscape
Despite substantial AI research output, Europe’s equities underperform because the region struggles with converting innovation into profitable, scalable AI businesses — structural obstacles like regulation, insufficient funding, and weak infrastructure suppress the growth potential of AI-led companies.
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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 papersKey catalysts for a sustained rebound in small caps
Small-cap stocks are showing signs of revival thanks to valuation gaps, potential Fed easing and improving macro indicators—though a durable rally will hinge on earnings growth and policy support.
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White papersGlobal Equities: The Rise of New Market Leaders
We are upgrading Japan to overweight as our concerns about a stronger yen abate and while we continue to be positive about corporate reforms and the end of deflation in Japan. We maintain our recommended overweight exposures to Europe and China. On the style front, we reaffirm our preference for value over growth, and small caps over large caps in the U.S.
