Change is constant, but in some periods, it occurs more dramatically than in others. We believe the world is currently undergoing transition at a pace and scale rarely seen before. Technological developments are driving extraordinary innovations in artificial intelligence (AI) and health care. Continuing geopolitical tensions and the probability of higher tariffs globally following the U.S. election will likely lead to the reconfiguration of supply chains, disrupted labour supplies and a strong focus on secure energy transition. At the same time, the global economy is adjusting to a world of higher trend inflation, higher rates, and greater volatility.
Transition at this degree may seem daunting. However, we believe it will bring with it an opportunity set of a breadth and richness not experienced since the aftermath of the global financial crisis (GFC). The nature of this opportunity set will inevitably evolve as markets change, but, in our view, the overall trend will be for earnings growth to broaden beyond a handful of dominant tech stocks, across both sectors and regions.
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