Our 2026 Outlook presents our five key views for Europe’s macro landscape and markets in 2026 —a year poised to reveal the true strength of the recovery....
September’s weak consumer spending data challenge the K-shaped recovery narrative and suggest that spending will slow to match already-weak employment growth....
The US High Quality portfolio outperformed its benchmark through November, returning 1.13%, whilst its SPY benchmark returned 0.08%. Our US High Quality SMID portfolio experienced a decline in performance this month. The portfolio returned -2.27%, underperforming its MSCI US Small and Mid Cap benchm...
We got Trump's tariff shock and backtracking correct and predicted Israel's attack on Iran. But we missed the China rally — and there is still no Ukraine ceasefire....
Bitcoin’s recent volatility masks a deeper story – the widest disconnect from traditional macro drivers since 2022. With sentiment now deeply negative and institutional demand still building, the conditions for a realignment with fundamentals are falling into place....
The Kingdom faces a troika of global factors in the next 12-18 months: (1) US policy rates will be cut considerably; (2) the US dollar will depreciate significantly; and (3) crude prices will remain low. How should investors position themselves in this market?...
The high-frequency Joshi Rule confirms that the US labour market is holding up. Equity investors should regard 5-10 percent selloffs as tactical buying opportunities. Bond investors should stay underweight US duration. Plus, a new high-conviction trade is to go overweight the 30-year German bund ver...
In this report, we present an AI investment framework for long-term investors. We conclude that an “AI Winter” is likely to begin over the next one-to-three years. Investors should strategically favor value over growth stocks....
Commodity market analysis usually focuses heavily on supply-demand balances. Yet in this framework piece, we argue that reported balances are an overrated gauge of underlying commodity price trends....
