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Global equity markets started 2026 on a strong footing before geopolitical tensions and sharp rises in oil prices triggered renewed volatility. At the same time, shifting narratives around AI and market leadership are driving significant rotation across sectors. How should investors interpret these crosscurrents? The International Equity Team examines the implications for portfolio positioning.
Los ciberataques son cada vez más frecuentes, sofisticados y costosos a medida que se acelera la digitalización y la IA redefine el panorama de amenazas. Para las compañías de todos los sectores, la resiliencia cibernética se ha convertido en una prioridad central de gestión del riesgo. ¿Cómo pueden los inversores evaluar si las compañías están preparadas? El equipo International Equity analiza la evolución del panorama de la ciberseguridad y el marco que utiliza para evaluar el grado de preparación de las compañías.
Agentic commerce is transforming online shopping from search-based browsing to AI driven decision-making. In this overview, the International Equity team explains how AI agents are reshaping product discovery, purchasing, and the economics of the digital commerce ecosystem. Watch to find out more.
A corto plazo, es probable que el comercio agéntico evolucione progresivamente, en lugar de causar disrupciones inmediatas, pero la trayectoria está clara. Entonces, ¿qué debe implementarse para que el comercio agéntico se amplíe? Y, ¿dónde podría el avance del comercio agéntico desafiar o mejorar el statu quo?
In the near-term, agentic commerce is likely to be evolutionary rather than cause overnight disruption, but the direction of travel is clear. So what needs to be in place for agentic commerce to scale? And where might the advance of agentic commerce challenge or upend the status quo?
Históricamente, los períodos de rentabilidad negativa relativa del factor calidad han ido seguidos de un repunte relativo significativo de las acciones de calidad, lo que refuerza nuestra opinión de que la calidad ofrece hoy una de las mayores oportunidades del mercado.
Historically, periods of quality underperformance have been followed by a meaningful relative resurgence in quality stocks, which contributes to our view that quality offers one of the greatest opportunities in markets today.
En “Cuando todos los negocios de datos parecen un objetivo”, evaluamos el impacto de la IA avanzada en los servicios de información financiera. Este mes analizamos nichos de alta calidad en el ámbito del sector industrial, en particular, nuestras posiciones en servicios profesionales. Nuestro análisis sugiere que estos negocios tan diferentes deberían seguir teniendo altas barreras de entrada y, en muchos casos, ya han aprovechado la oportunidad que ofrece la IA avanzada.
At the time of writing, the sell-off in financial information companies has been swift and indiscriminate, reflecting a growing fear that Advanced AI could erode these companies’ competitive advantages. We believe financial information services are not easily replicated, with moats built on several interlocking defences including data ownership, the ecosystem effect and their integration into client workflows. Advanced AI, rather than undermining incumbents, may ultimately strengthen them.
We see a tug of war within markets, between the bull argument that AI will be visibly transformational to corporate profitability in the near term and/or the U.S. economy sharply accelerates, and the bear argument where these high expectations are not met. The International Equity Team discusses.
Innovation protects the moat around existing competitive advantage, supports product development, and enables the creation of brand-new sources of value. Company leaderships that nurture an environment of innovation embed creativity, continuous improvement and calculated risk-taking into the fabric of everyday work. The International Equity Team explains why they value a culture of innovation in the high quality companies they invest in.
Despite the improvement in the environment since early April, the current euphoric atmosphere, with stretched valuations and record retail inflows, seems tough to justify given the modest growth outlook and multiple sources of uncertainty. As Bruno Paulson explains, we see a sharp disconnect between the state of the markets and the state of the real world.
Fundamental equity investing is the art of dealing in uncertainty. It involves forming a view on the earnings trajectory of a company, analysing its prospects for growth, understanding the strength of its competitive moats, and assessing potential risks to the sustainability of its returns – whether self-inflicted or external. It is an art rather than a precise science; only some of these risks can be quantified with others firmly in the Knightian uncertainty camp.
In mature and well penetrated industries like consumer staples, achieving growth and maintaining pricing power requires a steady pipeline of innovations that address consumer needs, supported by sustained marketing investment and best-in-class execution. In this piece we look at the consumer staples companies we hold that demonstrate sustained innovation.
