Ambitious capital spending on generative AI projects by hyperscalers, which we view as a once-in-a-decade cycle, represents a meaningful tailwind for technology infrastructure providers supplying the picks and shovels to run large language models.
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Infrastructure Insights
Infrastructure in the Rapidly Changing Policy Landscape
Accelerating policy-driven investment and AI-driven data centre growth are unlocking a multi-decade growth opportunity for listed utilities globally.
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Anatomy of a Recession
Does the Buck Stop Here?
What to Make of Recent U.S. Dollar Weakness
Whether a recent fall for the U.S. dollar portends a regime shift toward systematic weakness has key ramifications for global equity leadership.
Australian Equity Insights
Webinars
Webinar: Australian Equities Reporting Season Wrap
Expectations vs Impact: Will earnings get rewarded or punished this season? Reece Birtles, Head of Australian Equities and Portfolio Manager, presents his key takeaways from Australia's bi-annual reporting season.
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Anatomy of a Recession
AOR Update: U.S. Labor Market Bending, Not Broken
The U.S. labor market is in heightened focus as a sharp drop in immigration has contributed to slower but also lower churn employment growth, increasing the likelihood of modest interest rate cuts.
Global Equity Insights
Global Value Improvers Strategy Commentary August
As valuations have recovered and market expectations have risen, the focus remains on finding idiosyncratic opportunities where structural improvement is underappreciated and can persist irrespective of macroeconomic outcomes.
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Infrastructure Insights
Global Infrastructure Income Strategy Commentary August
Infrastructure delivered positive returns in August, slightly trailing global equities on a U.S. dollar basis in a month of gains across most equity indexes.
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Infrastructure Insights
Global Infrastructure Value Strategy Commentary August
Passenger traffic lifted airports, gas utilities benefited from strong fundamentals, while higher bond yields and some idiosyncratic drivers weighed on renewables and communications towers.
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Global Equity Insights
Global Growth Strategy Commentary August
Global equities delivered mostly positive performance in August, boosted by the prospect of the U.S. joining other developed economies in reducing interest rates.
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Anatomy of a Recession
AOR Update: Clarity Coming Into View
With clarity on tariffs emerging, a major source of macro and market uncertainty is waning. Combined with a tax and fiscal boost from new legislation, corporate animal spirits are poised to pick up.
Global Equity Insights
Market Outlook
Midyear U.S. Equity Outlook: Looking Toward 2026 for Upside
While we are neutral on stocks near-term due to tariff uncertainty and valuations, multiple catalysts could drive an earnings acceleration in 2026 as current risks dissipate.
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Anatomy of a Recession
The Long View: Push-Pull
Positive forces from One Big Beautiful Bill Act passage and future interest rate cuts should soon outweigh negative forces of tariff actions.
Infrastructure Insights
Portfolio Insights
Resilience with Upside in a Volatile Quarter
Q2 2025 Global Infrastructure Income Strategy Commentary
Listed infrastructure was resilient during the market volatility in April, strongly outperforming the broader market, and remained steady through May and June while equities recovered from the selloff.