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This section includes investor type descriptions for professional clients and market counterparties.
Professional client
A Professional Client is either: (i) a ‘deemed’ professional client; (ii) serviced-based professional client; or (iii) an assessed professional Client
(i) Deemed Professional Client
A person is a “deemed” professional client if the person is:
- a supranational organisation whose members are either countries, central banks or national monetary authorities
• a government, government agency, central bank or other national monetary authority of any country or jurisdiction
• a public authority or state investment body
• an Authorised Market Institution, Regulated Exchange or regulated clearing house
• a Regulated Financial Institution or the management company of a regulated pension fund;
• a Collective Investment Fund or a regulated pension fund;
• a corporate body whose shares are listed or admitted to trading on any exchange of an IOCSO member country
• trustee of a trust which has, or had during the previous 12 months, assets of at least $10 million;
• a Single Family Office licensed under the Single Family Office Regulations
• a person classified as a ‘large undertaking’ who meetstwoof the following criteria (i) a balance sheet total of at least $20 million; (ii) a net annual turnover of at least $40 million or (iii) own funds or called up capital of at least $2 million
(ii) Service-based Professional Clients
A person is a ‘serviced-based’ professional client if
- the services provided to the client is in relation to the provision of credit including arranging and/or advising on credit
• the services provided to the client relates to corporate structuring and financing such as advice relating to an acquisition, disposal, structuring, restructuring, financing or refinancing of a corporation or other legal entity i.e. takeovers, mergers and capital raising
(iii) Assessed-based Professional Clients
Assessed-based professional clients can be either (i) individuals; or (ii) undertakings
Individuals
An individual (and associated joint account holders) would be classified as an ‘assessed-based professional client’ if:
- the individual (and primary account holder, if relevant) has net assets of at least $1 million; and
• the individual is, or has been, an employee of an authorised firm or a regulated financial institution in the past two years; or
• the individual can provide evidence which demonstrates that they have sufficient knowledge and experience of relevant markets, products and associated risks
Where there is a joint account in place, the secondary account holder must obtain confirmation in writing that investment decisions relating to the joint account are made for or on behalf of the secondary account holder
Undertakings
Undertakings, which are generally not individuals, would be classified as ‘assessed-based’ professional clients if it:
- has own funds or called up capital of at least $1 million; and
• can evidence that they have sufficient knowledge and experience of relevant markets, products and associated risks
Market counterparties
A Market Counterparty is any person who is either:
- authorised firm;
• regulated financial institution; or
• professional client
2026 GLOBAL OUTLOOK
Pushing limits
The global economy and financial markets are being shaped by mega forces, especially AI. We think it’s hard to avoid making a big call on their direction — so exposure to broad indexes is not a neutral stance. We remain pro-risk, seeing the AI theme staying concentrated for now and active investing as key.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Investment themes
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01
Micro is macro
The capital spending ambitions tied to the AI buildout are so large that the micro is macro. The overall revenues could justify the spend – yet it’s unclear how much will accrue to the tech companies building AI. We stay pro-risk and overweight U.S. stocks on the AI theme. We also see this as a great time for active investing.
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02
Leveraging up
The AI buildout’s investment needs are front-loaded and while revenue gains are back loaded. That creates a financing “hump” requiring leverage. Yet a levered financial system can create vulnerabilities. We see opportunities for AI exposure in in both public and private credit markets. We turn tactically underweight long-term Treasuries.
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03
Diversification mirage
In markets driven by only a few forces, “diversifying” away from these is a bigger active call than before. We think portfolios need a clear plan B and readiness to pivot quickly. Traditional diversifiers like long-dated bonds offer less cushion against risk asset selloffs. We prefer idiosyncratic return sources in private markets.
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or financial product or to adopt any investment strategy. The opinions expressed are as of December 2025 and may change as subsequent conditions vary.
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