Scarcity vs. abundance
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
AI scarcity
The AI buildout is accelerating, bringing binding constraints forward. We stay overweight U.S. equities and focus on opportunities driven by bottlenecks to participate in AI growth: power, grids, memory, chips, data centers.
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02
Durable income
Higher yields have revived income as a portfolio anchor, but the source of that income matters. We prefer earning income in short-term bonds over long-term government bonds with high sensitivity to interest rates.
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03
Beyond labels
Asset-class buckets are a less useful starting point in a world shaped by mega forces. Infrastructure shows why: Its exposure to AI demand, energy security and fragmentation runs across markets and asset classes.
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 June 2026 and may change as subsequent conditions vary.
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