Perspectives

Global Value Improvers Strategy Commentary Q2 2026

Finding Value Beyond the AI Rally
A strong global equity rebound masked uneven leadership, creating opportunities in companies tied to energy security, grid modernization and industrial capex.

The Physical Limits of AI: Where Scarcity Is Creating Opportunity

AI demand is turning global supply constraints across chips, wafers, networking and optical infrastructure into pricing power for key suppliers.

Midyear Outlook: Earnings Buoy Case for International Equities

Earnings revisions outside the U.S., particularly in emerging markets, have moved materially higher, with earnings momentum often a key driver of sustained market outperformance.

Navigating Disruption via Infrastructure and Value

Shane Hurst and Grace Su weigh in on how global infrastructure companies as well as value stocks with improving fundamentals help navigate a world marked by disruption from AI, the energy transition and geopolitical tensions.

Can AI Capex Extend the Semiconductor Cycle?

In addition to a greater range of chips supporting AI development, several factors could cause the current cycle to last longer than expected.

Hope Is Not a Strategy: Positioning for Oil Scarcity

Strait of Hormuz disruptions are straining global oil inventories, creating a potential scarcity shock and prompting portfolio changes to hedge against a tighter energy market.

Investing Through Disruption Across Infrastructure & Improving Companies

In an increasingly disruptive environment shaped by AI, energy transition, and geopolitical shifts, we highlight two distinct approaches: investing in essential assets with stable and predictable cash flows, and in companies undergoing fundamental improvement as they adapt to structural change.

Global Growth Strategy Commentary Q1 2026

Rate Reversal Rewrites Growth Playbook
Geopolitical shocks stalled global equity momentum, with value holding up much better than growth as inflation risks rose and monetary policy grew hawkish.

Global Value Improvers Strategy Commentary Q1 2026

Global Improvers Power Energy Independence
We see energy security and independence as multi-decade, secular investment themes creating durable opportunities.

Gulf Conflict Rewrites Energy Outlook

U.S. Reversal Leads to Underperformance

Q4 2025 Global Growth Strategy Commentary
In a value-led quarter that capped a strong year for global equities, the Strategy underperformed primarily due to weakness among its U.S. holdings.

Improvers Benefit from a Broadening Market

Q4 2025 Global Value Improvers Strategy Commentary
A broadening global rally and improving fundamentals across key holdings supported strong fourth-quarter performance for Global Value Improvers.