Equities

The 2026 Large Language Models Outlook examines the current state of artificial intelligence as it relates to LLMs, highlighting diversity, specialization, and global competition. Learn how open- and closed-weight models, regulatory approaches, and strategic deployment are shaping industries today, from finance to mathematics, and explore the trends likely to define AI’s trajectory in the year ahead.

AI is expanding what systematic investing can achieve — from unlocking deeper insights in complex data to building more adaptive, responsive portfolios. This piece explores the shift from classical quant to Quant 2.0 and what a more adaptive, data-driven future could look like.

While the promise of AI remains compelling, its market dominance and reliance on external financing create vulnerabilities. By seeking opportunities in areas of predictable growth and resilience – both within and outside the AI ecosystem – we believe investors can better navigate the uncertainties ahead.

AI models don’t have to be black boxes. In the final article of our Expl(AI)ning series, discover how SHAP values reveal the contributions behind model predictions, enhancing transparency and trust in AI-powered investing. See how we use these insights within our AI Powered process.

Leaders in the video game industry, such as Tencent Holdings, NetEase, and Capcom, offer a distinct blend of predictability and growth through a combination of "Evergreen" titles and new game pipelines. These firms have generated recurring revenues and compounded earnings at approximately 20% annually over the past decade.

Can the top 2% make all the difference? The Quantitative Investments team tested an AI-powered stock picker across 20 years of data. By analysing hit rates alongside market concentration and dispersion, they uncovered fresh insights into portfolio management. Discover how AI reshapes investing in our latest article.

AI-driven momentum trades and non-US value dominated markets in 2025. However, the sustainability of these trends remains uncertain, particularly given unproven ROI of AI investments. Amid this backdrop, quality stocks emerge as a prudent choice, offering both resilience and steady growth potential.

Backtests can mislead—or unlock real edge. In Part II of our mini-series, we show how to avoid common pitfalls, cut through bias, and turn backtests into a reliable tool for decision-making. Practical, actionable, and built for real-world investing.

Backtesting can reveal powerful insights—or create dangerous illusions. In Part I of our mini-series, we show how biases and shortcuts can inflate results, using a simple momentum strategy as an example. Learn why careful design matters before moving from simulation to real-world investing.

ESG frameworks have faced rising political pushback and growing skepticism, with some investors questioning the feasibility of climate goals under current political and economic conditions. We believe, even during turbulent times, the transition to a low-carbon economy is here to stay. Read the latest Impact Report for more insights.

With rising temperatures, many investors are drawn to companies that offer adaptation solutions. While adaptation is essential, mitigating climate change and decarbonizing the economy also remain vital. Discover where adaptation and mitigation intersect – particularly in the realm of cooling – and how they can interact to create a more sustainable world.

Following years of underperformance, emerging market equities are leading global markets in 2025 to date, driven by a softer US dollar, policy reforms, and renewed investor confidence. With valuations still discounted and structural tailwinds in place, this rally signals a potential long-term shift in global equity dynamics.