| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
JM Finn maintains a diversified global investment approach focused on high-quality businesses capable of navigating various economic conditions. The first quarter was marked by renewed Middle East tensions involving Iran and the Strait of Hormuz, which drove oil prices above $100 per barrel and created market sensitivity. These geopolitical developments added inflationary pressures and reduced expectations for central bank rate cuts. However, there are encouraging signs that parties recognize escalation risks and seek resolution, particularly with US midterm elections approaching. The firm continues to emphasize diversification across regions, noting that while US equity markets remain concentrated and more fully valued, Europe and Japan are presenting more attractive opportunities. Within sectors, defensive areas like pharmaceuticals performed well, while energy companies benefited from firmer commodity prices. Infrastructure and real assets continue providing stability and income through essential services. In technology, the AI theme is evolving with markets differentiating between speculation and companies providing core infrastructure, favoring larger, well-capitalized businesses with strong cash flows.
Maintain diversified global exposure focused on high-quality businesses that can navigate various economic conditions, while capitalizing on attractive opportunities emerging in regions outside the concentrated US equity markets.
The manager maintains a focus on diversification and investing in high-quality businesses capable of navigating a wide range of economic conditions. There is emphasis on maintaining a well-diversified, global approach as other regions present more attractive opportunities relative to concentrated US markets.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 9 2026 | 2026 Q1 | - | AI, diversification, energy, Geopolitical, global, infrastructure, value | - | JM Finn maintains diversified global positioning amid Middle East tensions that drove oil above $100. While geopolitical risks create near-term volatility, the firm sees encouraging signs of de-escalation. Focus remains on high-quality businesses across regions, with Europe and Japan offering better value than concentrated US markets. Infrastructure and defensive sectors provide stability while AI infrastructure companies show sustainable potential. |
| Jan 5 2026 | 2025 Q4 | - | AI, Bonds, equities, global, inflation, infrastructure, policy, rates | - | Global growth decelerated in Q4 2025 but policy interventions created goldilocks conditions supporting 3.2% equity returns. Central bank divergence continues with Fed cuts versus Japan hikes. Fiscal stimulus from US, Europe, and China should drive 2026 growth re-acceleration. Global equities positioned for strong performance with broadening earnings, easing rates, and AI-driven productivity gains leading the way. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
GeopoliticalRenewed tensions in the Middle East involving Iran and the Strait of Hormuz have created market sensitivity and driven oil prices above $100 per barrel. There are increasing signs that parties recognize escalation risks and seek resolution, with US midterm elections providing political incentive to avoid prolonged conflict. |
Middle East Iran Oil Geopolitical |
EnergyOil prices moved materially higher over the quarter, rising well above $100 per barrel due to Middle East tensions. Higher energy prices acted as a headwind for global markets and added to inflationary pressures. Energy companies have been supported by firmer commodity prices. |
Oil Energy Inflation Commodities | |
AIThe artificial intelligence theme has continued to evolve with the market increasingly differentiating between speculative areas and companies providing core infrastructure. Larger, well-capitalised businesses with strong cash flows are typically best placed to benefit sustainably from this structural trend. |
AI Technology Infrastructure | |
InfrastructureInfrastructure and other real assets have continued to play an important role in providing stability and income. These investments include essential services such as utilities and energy networks, offering predictability during periods of heightened uncertainty. |
Infrastructure Utilities Real Assets | |
| 2025 Q4 |
AIManager draws parallels between today's AI-driven market concentration and the 2014-15 oil collapse, warning that AI has become a macroeconomic assumption embedded in capital expenditure plans and valuations. Physical constraints like energy intensity and grid limitations complicate AI scalability assumptions. |
Artificial Intelligence Data Centers Valuations Energy Infrastructure |
EnergyEnergy plays a critical role in AI infrastructure economics through data center power consumption. Rising electricity prices and grid constraints in data-center-heavy regions are compressing margins and extending deployment timelines, creating physical bottlenecks to AI scaling. |
Electricity Grid Infrastructure Data Centers Power Pricing | |
Small CapsThe manager likes the current small cap portfolio fundamentally, with strong balance sheets and resilient cash flows. However, markets continue to favor narrative momentum over breadth, creating challenges for fundamental-based small cap investing in the current environment. |
Russell 2000 Fundamentals Valuation Market Breadth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
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| Industry | Prev Quarter % | Current Quarter % | Change |
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