Conviction Equities Boutique

Is the energy transition gridlocked?
Are there lessons we can already learn from April’s blackout in Spain and Portugal? We believe so. Electrification lies at the heart of the energy transition. With increased investment, resilience can improve and alongside increased storage capacity, we can unlock the potential of the grid.
Quality Growth Boutique

Masters of their own destiny: how quality companies shape the future
In our latest Quality Conversations videos, discover how quality companies—those with strong franchises, pricing power, and unlevered balance sheets—can thrive in uncertain markets. By navigating inflation, shifting economic cycles, and interest rate volatility, these "masters of their own destiny" appear to offer resilience and long-term growth potential.
Asset management

King Dollar’s crown is tilting and why emerging markets may benefit
The US dollar’s reign is faltering, and we believe a prolonged dollar bear market is underway – a scenario that has historically been a tailwind for emerging market economic growth and asset valuations. However, not all emerging equity markets respond equally to the dollar’s decline.
Quality Growth Boutique

Diagnosing a giant: On-the-ground insight into UnitedHealth Group’s rise and fall
From deep dives into state and federal probes, to conversations with corporate clients and health plan auditors, our investigative analyst helped identify early warning signs of UnitedHealth Group’ s shift from market leader to a company facing regulatory liability. This case study highlights the benefits that former investigative journalists bring to the Quality Growth research process.
Quality Growth Boutique

International equities: finding growth in shifting markets
Markets inevitably shift, but global diversification endures. A thoughtfully constructed portfolio that combines leading US and non-US companies can offer meaningful advantages to long-term investors: enhanced performance potential, compelling valuations and access to growth industries where the US lags.
Quality Growth Boutique

Powering the AI boom: deficits create investment opportunities in self-generation solutions
The AI boom has increased demand for data centers, but US electric utilities lack the capacity to power them. This has led to a rise in self-generation solutions, benefiting companies like Schneider Electric and National Grid. The issue was a key theme at the recent Data Center Dynamics trade show.
Conviction Equities Boutique

Time to adapt?
Adaptation solutions are becoming more popular given the increased frequency and severity of extreme weather events. While we see the benefits, we urge investors to remember that prevention is better than cure, and mitigation remains vital if we are to ensure a better future for all.
Quality Growth Boutique

Strategies to tackle the top 3 risks in global equity markets
Uncertainty and volatility in today’s environment have highlighted the benefits of our disciplined Quality Growth philosophy, focused on proven businesses with inherent resilience and durability. Given the narrow tailwinds from the prior two years, select quality companies are attractively valued given their defensive growth characteristics.
Quality Growth Boutique

Finding resilient growth amid tariffs and AI volatility
As the exuberance we’ve seen over the past few years fades, our Quality Growth team looks to find resilience in industries that are shielded from the effects of tariffs and the volatility around AI.
Conviction Equities Boutique

Emerging market equities are more domestic than you think
Emerging market (EM) equities are more domestically driven than commonly assumed. Companies in the MSCI EM Index derive over 60% of revenues in their home markets. And they could further reduce their dependence on exports in the future. We illustrate the reasons.
Quality Growth Boutique

Fierce competition and unclear monetization of AI models in China
Investigative analyst Zhen Li recently attended the Shanghai’s second Global Developer Conference. Zhen’s on-the-ground research reveals concerns about the viability and sustainability of DeepSeek’s model given the intense competition in China's AI sector and lack of clarity around monetization of AI models.
Fixed Income Boutique

What’s keeping investors awake at night? (and what about EMD?)
New world order with Trump 2.0 at the helm. New day, new risks. What’s keeping investors awake at the moment and how does this impact EM Fixed Income?
Conviction Equities Boutique

Does the China stock market rally have legs?
The driving force behind this performance is the Chinese tech sector, fuelled by hopes that a larger adoption of AI could boost earnings. A confirmation of improved earnings, the resurgence of consumption confidence and sequential stabilization of the overall economy will be needed to solidify and extend the recent rally.
Conviction Equities Boutique

Simpler and cleaner: profitable opportunities from efficiency
Energy and resource efficiency is often underappreciated, but it has played a pivotal role in driving global emissions lower. Explore how we can benefit from the diverse opportunity set that efficiency brings, and why we believe its importance is set to continue.
Quality Growth Boutique

Lessons from the past: Navigating difficult times with conviction and moral clarity
People and organizations demonstrate their moral compass in challenging conditions. In 1999, portfolio manager Ed Walczak made a tough call to stick to his investment principles. Despite the pressure to conform to the market trend, he chose to invest in undervalued insurance companies, a decision that paid off when the internet bubble burst.
Conviction Equities Boutique

Three trends key for thematic investing in 2025
Artificial intelligence (AI) is transforming our world at breakneck speed to boost its users’ productivity gains in various industries. The associated need for innovation, resources, and infrastructure investments, reinforced by politics and demographics, positions the providers of convincing solutions as potential future winners.
Quality Growth Boutique

Navigating the tech market steamroller: Will DeepSeek’s efficiency gains prompt a reversal?
Is the tech market’s bull run, much like a steamroller, starting to reverse course? Efficiency gains recently announced by DeepSeek have raised questionsabout the commoditization of LLMs and the potential overinvestment in data centers, shifts that could significantly impact the industry and investors.
Quality Growth Boutique

Companies poised for growth amid DeepSeek and other AI advancements
The massive efficiencies achieved by DeepSeek’s recently launched Large Language Model have prompted investors to reevaluate the power, data center, and chip requirements for the development of AI models. As AI becomes more widely adopted, we identify companies poised to benefit.
Fixed Income Boutique

Emerging markets debt: Where have all the flows gone?
Emerging markets hard currency sovereign debt (EMD) has long held the promise of opportunity, but investor enthusiasm has waned in recent years. Could the tide be turning?
Conviction Equities Boutique

Global equities in 2025: Balancing structural drivers with opportunistic exposures
2025 is poised to be another positive yet complex year for equities. Balancing core positions in industries driven by secular trends – like semiconductors, AI hyperscalers, and the energy transition – with opportunistic exposures that can benefit from cyclical or policy-induced rebounds can help navigate the challenges ahead.
Quality Growth Boutique

Advice from an international manager: avoid non-US equities…?
Despite US stocks' outperformance over international equities over the past two decades, investing solely in the US benchmark is not without risks. Yet we do not recommend investing indiscriminately in the broad international benchmark. Being selective and actively seeking out quality non-US companies can diversify portfolio risks and offer robust performance.
Quality Growth Boutique

4 key themes to watch in global equity markets in 2025
The new Trump administration’s policies evoke both optimism and apprehension among investors. This uncertainty is exacerbated by the pressures on the US consumer, high market concentration, and potential earnings disappointments. We highlight key themes we believe are worth watching in 2025.
Fixed Income Boutique

What we think changes, what doesn’t, in EM fixed income post-election?
Markets have been on the move since the US presidential election. However, we think lower funding costs thanks to tightening spreads and the prospect of returning flows are proving supportive of EM debt. But there will be winners and losers in the new regime…
Quality Growth Boutique

From journalists to analysts: there’s no substitute for on-the-ground research
Former investigative journalists tap into non-traditional sources to gather unique insights for our Quality Growth research team. This article highlights three case studies that led a portfolio manager to increase a position, sell a stock, and revisit the viability of a previous holding.