25 May 2026: Weekly Update – SpaceX IPO, Passive Investing and Market Concentration
The proposed SpaceX IPO has intensified debate around passive investing, market concentration and the growing influence of founder-led technology businesses within global equity indices. Gravity is the dominant force in …
18 May 2026: Weekly Update – AI Rotation, Healthcare Valuations and Market Concentration
Capital continued flowing aggressively toward AI-related sectors, creating a historically wide valuation gap between technology and healthcare equities. The dominant equity-market story of 2026 has been the abrupt rotation into …
April 2026 Market Review: AI Recovery, Energy Shock and the Inflation Wave Ahead
Global equities recovered sharply in April despite continued disruption in the Strait of Hormuz and elevated oil prices. AI-related holdings and Asian markets led performance, while concerns increasingly shifted towards …
13 April 2026: Weekly Update – AI Infrastructure Spending and Hyperscaler Risks
AI-related capital expenditure by major hyperscalers continued accelerating, raising important questions around valuation, returns and capital intensity. The largest technology platforms, the hyperscalers that dominate cloud computing and AI services, …
Q1 2026 Quarterly Review: Energy Shock, Institutional Risk and Global Market Repricing
Q1 2026 was defined by geopolitical escalation, energy market disruption and growing questions around institutional credibility in the US. Markets responded with sharp volatility, sector rotation and a reassessment of …
February 2026 Market Review: AI Rotation, Energy Shock Risk and Emerging Market Leadership
AI entered a more selective phase while energy risks increased. Emerging markets continued to lead performance. Global equities delivered another positive month in February, with leadership continuing to broaden beyond …
16 February 2026: Weekly Update – The ‘pAIn Trade’ and AI Market Repricing
The market’s “pAIn trade” accelerated as investors rapidly reassessed the long-term impact of artificial intelligence on business models and valuations. This year we’ve seen the artificial intelligence theme abruptly transition …
9 February 2026: Weekly Update – AI Rotation and Technology Market Volatility
A sharp market rotation away from growth and software stocks highlighted rising concerns around AI disruption and concentrated US technology exposure. This was a week light on the kind of …
January 2026: Energy Sector Outlook: Where Are We in the Cycle and What Could Drive the Oil Price Higher?
Oil prices have lagged other commodities in recent years despite tightening supply conditions and weakening investment. This raises the possibility that the energy sector may be approaching an inflection point …
December 2025 Market Review: Central Bank Divergence, Commodity Extremes and AI Questions
Diverging central bank policies and commodity extremes defined December. Investors questioned the long-term returns from AI investment. The Regime Shift Unfolds The month began with the US Federal Reserve delivering …
December 2025: Water & Waste: An Investment Theme
Why Water & Waste Matters for Investors A growing global need driven by urbanisation, consumption, and resource scarcity Essential services societies rely on every day Resilient, long-term business models with …
24 November 2025: Weekly Update – AI Infrastructure Spending and Valuation Risk
Investors became increasingly cautious around AI-related valuations as capital expenditure requirements and financing risks continued escalating. Market sentiment turned more cautious last week, even as Nvidia, the bellwether of the …
10 November 2025: Weekly Update – Water Infrastructure, Waste Management and Defensive Growth
Water and waste infrastructure businesses continue to offer attractive long-term characteristics including resilient earnings, strong cash generation and defensive growth. This week we caught up with Bertrand Lecourt and Saurabh …
October 2025 Market Review: Shutdown Volatility, Gold Surge and AI-Led Market Strength
Political uncertainty drove volatility, but strong AI-related performance supported equities. Gold continued to benefit from risk aversion. The month opened with a US government shutdown after Congress failed to reach …
27 October 2025: Weekly Update – Central Banks, AI Earnings and Valuation Risks
Investors focused on central bank policy decisions and AI-related earnings as elevated valuations and concentrated market leadership remained under scrutiny. Financial markets rallied to record highs on Friday after better-than-expected …
September 2025 Market Review: Fiscal Stress, Safe-Haven Gold and AI Exuberance Risks
Fiscal concerns weighed on markets while gold surged as a safe haven. AI valuations began to face increased scrutiny. September began with bond markets questioning the longer-term fiscal credibility of …
July 2025 Market Review: Market Resilience, US Policy Shifts and Emerging Market Opportunities
Markets showed resilience despite US tariff risks and geopolitical tensions. Strong equity performance was supported by AI leadership and emerging market opportunities. In July 2025, financial markets were significantly influenced …
14 July 2025: Weekly Update – Copper Tariffs, Nvidia and Dollar Weakness
Tariff concerns returned to financial markets as copper prices surged and investors continued to focus on the dominance of major US technology companies. Market sentiment was rattled last week as …
June 2025 Market Review: Energy Shocks, AI Acceleration and Shifting Global Trade Dynamics
Energy market volatility dominated June as geopolitical tensions drove sharp movements in oil prices. At the same time, accelerating AI adoption continued to reshape market dynamics and sector performance. June …
20 June 2025: Weekly Update – Middle East Escalation, Central Banks and AI Deflation
Financial markets remained resilient despite escalating conflict in the Middle East as investors focused on energy prices, central bank policy and the disruptive effects of artificial intelligence. The most significant …
9 May 2025: Weekly Report – AI Investment Themes and Diverging Central Banks
Financial markets recovered further from April’s tariff-driven volatility as investors balanced resilient economic data against continued policy uncertainty. So far this month, financial markets have continued their rebound from the …
7 February 2025: Weekly Update – AI Commoditisation and Cybersecurity Themes
Rapid advances in low-cost AI development highlighted the growing commoditisation of artificial intelligence and reinforced the importance of cybersecurity and proprietary data. Last week saw the announcement of yet another …
January 2025 Market Review: AI Disruption, Tariff Volatility and Commodities Strength
Strong US data pushed bond yields higher in January, creating pressure on global markets. Commodities performed strongly, while AI developments introduced new uncertainty into tech valuations. The opening month of …
