Global Equities

Artificial intelligence (AI) may be one of the greatest technological breakthroughs, but it’s too early to tell. History shows that investment returns don’t always match innovation hype. However, we do know that economic fundamentals have not changed, which means that investments must become self-financing and deliver adequate returns to be sustainable.

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 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.

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.

Find out why and how our equity investment experts focus on quality companies.

Quitting is often misunderstood as weakness. But in investing, selling is the overlooked half of decision-making, hindered by biases like sunk cost fallacy or FOMO. In our view, knowing when to walk away is essential for preserving capital and seizing better opportunities.

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.

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.

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.

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.

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.

Factor investing has long explained market behavior, but its flaws—timing dependencies, rigid linearity, and backward-looking assumptions—limit predictive power. Can AI overcome these? This Expl(AI)ning episode dissects factor evolution, their pitfalls, and how machine learning enables dynamic models. Dive into quantitative investing’s future.