Region · Global · Q4 2025 · 1849 letters
Institutional Perspectives on Global
Across 1849 letters from 636 hedge funds that touch Global exposure, the tone leans bearish. Managers are ranked by conviction and chronological order below.
1849 letters636 funds19% bullish
What the 1849 letters look like
351 bullish
1141 bearish
Analysis indicates managers discussing Global are primarily cautious.
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Temporary geopolitical de-escalation, such as postponed strikes on Iranian infrastructure and ceasefires, driving sudden capital flows back into risk assets and commodity price contractions.
outlook -0.20
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.20
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook +0.00
conviction 0.90
Neutral
No commentary available.
outlook +0.00
conviction 0.60
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.80
conviction 0.90
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.40
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.90
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.90
Bullish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.20
conviction 0.50
Bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.60
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Portfolio Manager
Jul 30, 2026
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.80
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.20
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.20
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.00
conviction 0.90
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook +0.00
conviction 1.00
Neutral
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
Market Posture: NEUTRAL
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.50
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook +0.00
conviction 0.90
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.60
Neutral
Rising interest rates continue to generate higher portfolio interest and dividend income, increasing quarterly yield across a $71.7 billion investment portfolio.
outlook +0.00
conviction 0.80
Neutral
A transition of enterprise IT budgets from planning and experimenting with AI tools to deploying large-scale programs.
outlook +0.00
conviction 0.70
Neutral
The Trump administration appears focused on economic stimulus ahead of the mid-term elections, including tax relief and accelerated depreciation from the One Big Beautiful Bill ('OBBB'), and proposed stimulus checks funded through tariff receipts...
outlook +0.20
conviction 0.70
Bullish
A historic AI capital expenditure cycle and expanding enterprise adoption of Agentic AI.
outlook +0.60
conviction 0.60
Very bullish
Evidence of a productivity boom from AI deployment would validate the massive capital expenditure and support the thesis of a new economic regime characterized by enterprise productivity gains.
outlook +0.60
conviction 0.70
Very bullish
When the music stopped, SPW outperformed significantly, as its lower exposure to the bubble meant there was less damage from the heavy losses in large-cap companies.
outlook -1.00
conviction 0.70
Very bearish
The war in Iran has suddenly made energy security front-of-mind, potentially driving increased investment in traditional energy sources.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
The managers expect the Fed could look past recent upticks in inflation and cut interest rates in the second half of 2026, following the resolution of conflict in the Middle East and declining commodity prices.
outlook +0.20
conviction 0.70
Bullish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.50
Very bearish
Portfolio companies are aggressively ramping up stock buybacks at attractive valuations, creating value through share count reduction and risk-free capital deployment.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.20
conviction 0.70
Bearish
Negotiations between the US and Iran progressed during Q2, easing concerns of sustained energy supply disruption and helping oil prices decline.
outlook +0.20
conviction 0.50
Bullish
Structurally higher interest rates expected to remain for the foreseeable future, benefiting bank lending margins and trading activity.
outlook -0.20
conviction 0.60
Bearish
Inflation levels are expected to moderate post Iran war.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.80
Neutral
Technology companies collectively plan to spend approximately $710 billion on AI infrastructure in 2026, up from $650 billion projected in the previous quarter, driven by a growing AI supply/demand imbalance.
outlook +0.00
conviction 0.70
Neutral
Kevin Warsh's appointment as Fed Chair in May 2026 with a more hawkish tone than expected, shifting market conversation from rate cuts to potential rate hikes.
outlook -0.40
conviction 0.60
Bearish
Market Posture: NEUTRAL
outlook -0.60
conviction 0.60
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -1.00
conviction 0.50
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.60
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.50
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -1.00
conviction 0.40
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.30
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.50
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook +0.20
conviction 0.60
Bullish
Kristofer Barrett
Jul 21, 2026
Transition from AI experimentation to large-scale enterprise software deployment.
outlook +0.60
conviction 0.70
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.40
Bullish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.80
Bearish
The stabilization of bond markets and the increased likelihood of higher interest rates are boosting profits for banks and driving a turnaround in the Financials sector.
outlook -0.20
conviction 0.50
Bearish
Corporate earnings reports matching or missing elevated 12-month expectations.
outlook -0.40
conviction 0.50
Bearish
A potential shift in investor sentiment away from high-priced momentum stocks toward stable, cash-generating quality companies.
outlook +0.00
conviction 0.00
Neutral
The expected completion of multi-billion dollar IPOs for Anthropic and OpenAI over the next few months, adding unprecedented share supply to public markets.
outlook +0.00
conviction 0.00
Neutral
Easing of geopolitical tensions surrounding the Middle East conflict, restoring investor confidence.
outlook +0.00
conviction 0.00
Neutral
A multi-decade recovery of Japanese business presenting long-term valuation upsides.
outlook +0.20
conviction 0.50
Bullish
A collapse in short-dated inflation expectations alongside falling commodity prices suggests core inflation will trend downward imminently.
outlook +0.00
conviction 0.00
Neutral
Senate passage of the bipartisan 21st Century ROAD to Housing Act establishes uniform HUD construction standards and expands financing access for factory-built homes, accelerating modular housing adoption across residential markets.
outlook +0.00
conviction 0.70
Neutral
Potential peace agreement in the Middle East and the reopening of the Strait of Hormuz causing shipping to resume and crude oil prices to drop.
outlook +0.00
conviction 0.00
Neutral
The appointment of Kevin Warsh as the new Federal Reserve Chair, which is expected to change the conduct of monetary policy away from asset price maintenance.
outlook +0.00
conviction 0.00
Neutral
Core PCE inflation printing at 3.4% year-on-year, the highest since late 2023, coupled with downward revisions to final sales to private domestic purchasers to 1.7%.
outlook +0.00
conviction 0.00
Neutral
The resolution of hostilities in Iran and the reopening of the Strait of Hormuz, which has lowered oil prices and eased consumer inflation pressures.
outlook +0.00
conviction 0.00
Neutral
Reversion to the historical mean between technology stocks and other neglected industries.
outlook -0.20
conviction 0.80
Bearish
Release of the US June core CPI report on July 14th, where a 0.2% monthly rise would afford the Fed leeway to pause while higher prints would pressure policymakers toward a July 29th rate hike.
outlook +0.00
conviction 0.50
Neutral
Potential disappointment in long-term growth expectations or a fall from favor of the 'quality' or 'AI' investment factor, which could trigger a massive re-rating of large-cap equities.
outlook +0.00
conviction 0.00
Neutral
Expansion of global semiconductor manufacturing and power-generation equipment capacity easing industry supply shortages.
outlook -0.40
conviction 0.40
Bearish
Market starting to penalize heavy reliance on stock-based compensation, directing capital back to companies with actual cash earnings.
outlook +0.00
conviction 0.80
Neutral
Refilling and expansion of Strategic Petroleum Reserves (SPRs) globally driven by energy security mandates.
outlook +0.60
conviction 0.50
Very bullish
James E. Craige, CFA (Chief Investment Officer)
Jul 1, 2026
The signing of a memorandum of understanding between the U.S. and Iran pausing hostilities for 60 days, reopening the Strait of Hormuz, and tempering oil prices.
outlook +0.60
conviction 0.50
Very bullish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
A sudden and severe reversal in index momentum if massive capital investments in AI fail to produce adequate financial returns, triggering a pivot back to cash-generative, fundamentally cheap businesses.
outlook +0.00
conviction 0.00
Neutral
A record wave of high-profile initial public offerings (IPOs) could reach over $200B in public equity issuance, driven by mega-cap listings.
outlook +0.00
conviction 0.00
Neutral
De-escalation in Middle East geopolitical tensions and reopening of critical shipping corridors, leading to stabilized or declining global oil prices.
outlook +0.20
conviction 0.40
Bullish
Mean reversion of value stocks following extreme underperformance relative to momentum-driven technology indices.
outlook -0.40
conviction 0.70
Bearish
Sustained global corporate capital expenditure on artificial intelligence computing infrastructure and data center construction.
outlook +0.40
conviction 0.40
Bullish
De-escalation in Middle East tensions could lower geopolitical risk premiums, ease energy costs, and provide tailwinds to consumer spending and economic activity.
outlook +0.60
conviction 0.60
Very bullish
Strong Q2 2026 earnings for the S&P 500 tracking to a robust +24.7% year over year, which helps justify premium multiples and could extend the bull market if AI spending delivers expected productivity and margin gains.
outlook +0.00
conviction 0.00
Neutral
Continued AI adoption and diffusion through the economy, with progress in large language models from OpenAI, Anthropic, and others providing credible pathways to massive productivity increases.
outlook +0.00
conviction 0.00
Neutral
More capacity and investments into infrastructure down the chain could be expected as exciting new technologies need backing of tangible hardware and electricity.
outlook +0.00
conviction 0.00
Neutral
Expected recovery in Swedish residential property listing volumes to normalised levels over the next few years, driving meaningful increase in revenue and earnings growth for property portal businesses.
outlook +0.00
conviction 0.00
Neutral
History suggests that the mania-driven market will revert when euphoria gives way to rational economic fundamentals and valuation.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Data centre construction and the rollout of AI compute expected to remain extremely strong for at least the next several years, driven by hyperscaler capital expenditure, neocloud acceleration, and conversion of bitcoin-mining capacity to AI compute.
outlook +0.00
conviction 0.00
Neutral
The best broad-based global market rally since 4Q 2020 occurred in Q2 2026, which was favorable for many portfolio positions.
outlook +0.00
conviction 0.00
Neutral
Labor shortages in many countries making robotics and automation more pressing as a solution to productivity challenges, with robot density still low at about 200 robots per 10,000 employees in North America manufacturing.
outlook +0.00
conviction 0.00
Neutral
Return to traditional capital cycle dynamics where capacity, competition, and cost of capital drive outcomes after a decade of capital-light business dominance.
outlook +0.00
conviction 0.00
Neutral
Corporate earnings growth remained strong in Q2, supporting the market rebound and constructive macroeconomic backdrop.
outlook +0.00
conviction 0.00
Neutral
The market appears to be rotating away from momentum and back to valuations, potentially favoring value investing strategies.
outlook +0.00
conviction 0.00
Neutral
De-escalation signals in the Middle East pushed oil prices off their earlier peaks by quarter end, supporting a more stable macro backdrop.
outlook +0.00
conviction 0.00
Neutral
The indiscriminate software selloff has compressed valuations to levels rarely seen, creating a meaningful opportunity for discerning, long-term oriented investors as the divergence between price and fundamentals widens.
outlook +0.00
conviction 0.00
Neutral
De-escalation signals in the Middle East pushed oil prices off their earlier peaks by quarter end, supporting a more stable macro backdrop.
outlook +0.00
conviction 0.00
Neutral
Interest rate expectations have shifted, particularly in the US, accompanied by a more data-dependent approach from central banks, which is likely to keep duration a key driver of market performance.
outlook +0.00
conviction 0.00
Neutral
Second-quarter earnings season is set to begin in July, and the team believes single-stock volatility will increase during the reporting season, leading to additional gamma trading opportunities.
outlook +0.00
conviction 0.00
Neutral
Easing of Middle East tensions and the US-Iran peace framework has removed geopolitical risk premium from oil prices, providing genuine inflation relief.
outlook +0.00
conviction 0.00
Neutral
Markets increasingly accepted that central banks are finding it difficult to bring inflation back to target, marking a significant shift after four decades of generally falling bond yields.
outlook +0.00
conviction 0.00
Neutral
Global M2 money supply growth continuing at 7.0% annual rate or accelerating due to fiscal imbalances, bank deregulation, and geopolitical game theory, driving gold higher over four-year timeline.
outlook +0.00
conviction 0.00
Neutral
Resolution to the Iran conflict supported the high yield market in Q2 2026.
outlook +0.00
conviction 0.00
Neutral
The evolution of AI toward Artificial Superintelligence (ASI) is creating massive demand for computing infrastructure, semiconductors, and power generation. SoftBank is positioning itself as the No. 1 ASI Platform Provider across AI models, AI chips, AI infrastructure, and physical AI.
outlook +0.00
conviction 0.00
Neutral
The pending Cox acquisition by Charter Communications is expected to generate synergies that management increased by 60%, potentially improving the competitive position of the cable broadband business.
outlook +0.00
conviction 0.00
Neutral
Central banks remained a key focus as investors recalibrated expectations for monetary easing, with the European Central Bank and Bank of Japan raising rates while several other central banks adopted mixed approaches.
outlook +0.00
conviction 0.00
Neutral
Markets increasingly accepted that central banks are finding it difficult to bring inflation back to target, marking a significant shift after four decades of generally falling bond yields.
outlook +0.00
conviction 0.00
Neutral
De-escalation of the Iran conflict and gradual reopening of the Strait of Hormuz has provided fresh momentum to global equities, particularly benefiting US and Asian markets exposed to the AI investment cycle.
outlook +0.00
conviction 0.00
Neutral
Potential rotation from large cap to small cap stocks after small caps underperformed on a calendar year basis since 2020.
outlook +0.00
conviction 0.00
Neutral
Technological revolution centered on artificial intelligence could transform industries, economies, and societies over many years.
outlook +0.00
conviction 0.00
Neutral
AI monetization evidence strengthening across Cloud platforms, with Alphabet's Cloud revenue growing 82% YoY and 90% of Fortune 100 using Gemini Enterprise, validating the broader AI infrastructure investment thesis.
outlook +0.00
conviction 0.00
Neutral
Hyperscaler companies are projected to spend over $1 trillion on AI infrastructure in 2027, driving demand for data center construction, power systems, and related equipment.
outlook +0.00
conviction 0.00
Neutral
Memory capacity constraints with no meaningful new supply before 2027 and Samsung expecting memory shortage in 2027 to be more severe than 2026, with tightness persisting into 2028.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Bitcoin's four-year halving cycle creates a recurring pattern where bear markets historically bottom 12-13 months after peaks, with the September 2026 through year-end window representing 11-14 months past this cycle's October 2025 peak.
outlook +0.00
conviction 0.00
Neutral
Physical AI proliferation from digital to physical world over the next few years, with addressable market multiples larger than digital AI, enabling robotaxis, humanoids, warehouse automation, and other embodied AI applications.
outlook +0.00
conviction 0.00
Neutral
Maturation of the AI CapEx cycle and memory cycle normalization creating conditions for meaningful rotation toward quality international compounders.
outlook +0.00
conviction 0.00
Neutral
Better-than-expected Medicare rate increases announced in early April 2024 will help managed care industry close the gap between pricing and cost trends over the next few years.
outlook +0.00
conviction 0.00
Neutral
The valuation gap between lower risk assets (narrower outcome distributions) and higher risk assets (wider outcome distributions) has reached historical extremes, creating opportunities as this dislocation eventually normalizes.
outlook +0.00
conviction 0.00
Neutral
AI infrastructure buildout continues to drive extraordinary hyperscaler capital spending, with persistent bottlenecks across memory, compute, data centers, power, and semiconductor equipment.
outlook +0.00
conviction 0.00
Neutral
Maturation of AI CapEx cycle as implementation takes longer than expected while massive investments persist, potentially triggering rotation from momentum to quality as markets realize positive outcomes will take time to materialize.
outlook +0.00
conviction 0.00
Neutral
Federal Reserve rate hike expectations rose in June, contributing to market volatility.
outlook +0.00
conviction 0.00
Neutral
A powerful AI-driven earnings cycle that led investors to look through inflation and geopolitical concerns to boost global equity markets.
outlook +0.60
conviction 0.40
Very bullish
Recovery in the industrial and automobile end markets from their recent cyclical slump.
outlook +0.00
conviction 0.00
Neutral
High likelihood that Vistance Networks' remaining business segment will be sold soon, potentially unlocking additional value for shareholders beyond the current $12.13 stock price toward the estimated $14 to $18 per share range.
outlook +0.00
conviction 0.00
Neutral
The announcement of a ceasefire agreement in the Iran war drove a sharp decline in oil prices and partially reversed sector trends caused by the conflict.
outlook +0.00
conviction 0.00
Neutral
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.00
Neutral
The best broad-based global market rally since 4Q 2020 occurred in Q2 2026, favorable for many portfolio positions.
outlook +0.00
conviction 0.00
Neutral
Accelerating earnings revisions in U.S. and emerging-markets equities supported increased exposure in Q2 2026.
outlook +0.00
conviction 0.00
Neutral
AI expanding the boundary of what software can do from assisting work to performing it, creating addressable markets that dwarf previous technology eras.
outlook +0.00
conviction 0.00
Neutral
The ongoing migration of legacy on-premise customers to the cloud delivers significant revenue uplift for enterprise software companies, while deep incumbency within mission-critical enterprise workflows provides durable competitive advantages.
outlook +0.00
conviction 0.00
Neutral
Significant memory chip production capacity won't come online for a year or two, and even then may remain well short of demand, supporting pricing.
outlook +0.00
conviction 0.00
Neutral
Visibility of underlying demand for high-bandwidth memory and high-performance chips for leading-edge compute expected to continue for the foreseeable future.
outlook +0.00
conviction 0.00
Neutral
Strong copper demand outlook driven by energy transition, AI data center buildout, and increased defense spending, layered on top of traditional demand sources.
outlook +0.00
conviction 0.00
Neutral
The US and Iran signed a preliminary peace deal at the end of the quarter, which boosted sentiment.
outlook +0.00
conviction 0.00
Neutral
Expected gradual normalization of Middle East shipping, inventories, and production following the U.S.-Iran memorandum and reopening of the Strait of Hormuz, though market pricing has likely moved faster than the actual normalization.
outlook +0.00
conviction 0.00
Neutral
David G. Herro, Tony Coniaris, Eric Liu, M. Colin Hudson, John A. Sitarz
Jun 30, 2026
A ceasefire between the U.S. and Iran near the end of the quarter, which eased regional conflict concerns and boosted investor sentiment.
outlook +0.60
conviction 0.70
Very bullish
US hyperscalers continued to raise capex guidance for 2026 to a collective $700 billion, reinforcing investor confidence in the AI infrastructure buildout.
outlook +0.00
conviction 0.70
Neutral
Hyperscalers raised capex guidance for 2026 to a collective $700 billion, reinforcing confidence in the AI infrastructure buildout.
outlook +0.20
conviction 0.60
Bullish
Expected mean reversion between technology stocks and other industries, with the manager drawing parallels to 2000-2005 when the equal-weighted S&P 500 rose 45% while the market cap-weighted index fell 15%.
outlook +0.00
conviction 0.00
Neutral
American Century Investments (Avantis Investors division)
Jun 30, 2026
A reduction in market concentration, which would allow the fund's well-diversified strategy to improve in relative performance.
outlook +0.20
conviction 0.50
Bullish
American Century Investments (Avantis Investors division)
Jun 30, 2026
De-escalation of the geopolitical conflict in late June shifted market attention back to strong domestic economic growth and moderating inflation.
outlook +0.80
conviction 0.50
Very bullish
Sustained productivity growth driven by AI-driven efficiency gains, serving as a powerful tailwind for corporate margins.
outlook +0.20
conviction 0.70
Bullish
Federal Reserve interest rate policy shift from expected cuts to potential hikes creates new market dynamics and supports US dollar strength.
outlook -0.60
conviction 0.70
Very bearish
Hyperscale capex spending set to grow meaningfully in 2027, with Alphabet completing an $85bn equity raise showing commitment to multi-year AI platform change.
outlook +0.00
conviction 0.00
Neutral
TSMC's capex over the next three years is expected to be significantly higher than the past three years ($101 billion), with sell-side consensus estimating $197 billion in capex over 2026-28 and the fund believing well over $200 billion is plausible as TSMC plays catchup from a capacity perspective.
outlook +0.00
conviction 0.00
Neutral
Late July 2026 expiration of temporary 10% across-the-board tariff unless Congress acts, with more durable sector-specific tariffs on steel, aluminum, copper becoming replacement.
outlook +0.00
conviction 0.00
Neutral
Late July expiration of temporary 10% across-the-board tariff unless Congress acts, presenting near-term policy catalyst affecting consumer purchasing power.
outlook +0.00
conviction 0.00
Neutral
Elisa Mazen, Michael Feldman, Michael Testorf, Pawel Wroblewski
Jun 30, 2026
Progress toward a resolution of the Iran conflict and an ongoing artificial intelligence infrastructure buildout led to double-digit gains across both developed and emerging markets.
outlook +0.00
conviction 0.00
Neutral
David G. Herro, Tony Coniaris, Eric Liu, M. Colin Hudson, John A. Sitarz
Jun 30, 2026
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Semiconductor end-market recovery is accelerating, with strong orders in semiconductor equipment businesses indicating robust earnings growth ahead.
outlook +0.00
conviction 0.00
Neutral
The narrowness of the market's leaders has left many quality franchises outside favored themes available at valuations that imply expected returns among the most attractive seen since the post-Covid period.
outlook +0.00
conviction 0.00
Neutral
Falling oil prices on the back of progress on a US-Iran deal took much of the heat out of the inflation scare that defined March and shifted the mood from stagflation fears towards a more manageable slowdown.
outlook +0.00
conviction 0.00
Neutral
The fragmentation of the AI trade represents a structural development, with narratives shifting from AI helping companies to AI replacing them, particularly impacting Software-as-a-Service valuations.
outlook +0.00
conviction 0.00
Neutral
June 15 peace framework announcement and June 18 formal reopening of Strait of Hormuz reversing energy shock effects with falling energy prices providing potential disinflationary tailwind into second half of 2026
outlook +0.00
conviction 0.00
Neutral
Pakistan-mediated ceasefire framework and mid-June memorandum of understanding signed by President Trump and Iranian President Masoud Pezeshkian seeking to end Middle East conflict within sixty days and reopen Strait of Hormuz for free commercial passage.
outlook +0.00
conviction 0.00
Neutral
Continued AI capital spending is boosting earnings estimates and broadening performance across sectors and geographies.
outlook +0.00
conviction 0.00
Neutral
Towards the end of the quarter, a ceasefire framework between the US and Iran triggered a sharp fall in oil prices, although negotiations remained ongoing and the full reopening of Gulf flows had yet to be confirmed.
outlook +0.00
conviction 0.00
Neutral
Rotation out of Tech/AI and into laggards with good fundamentals presents opportunity for active managers.
outlook +0.00
conviction 0.00
Neutral
The AI bubble bursting would create opportunities for value investors positioned in sensible, cash-generative businesses that have been starved of attention during the mania.
outlook +0.00
conviction 0.00
Neutral
Expected rebuilding and expansion of strategic petroleum reserves could create between 500,000 and 660,000 barrels per day of additional oil demand in 2027 and potentially for years thereafter.
outlook +0.00
conviction 0.00
Neutral
AI bubble bursting would create opportunities for value-oriented investors positioned in sensible, cash-generative businesses that have been starved of attention during the AI mania.
outlook +0.00
conviction 0.00
Neutral
A period of rationalization in AI spending may be at hand as businesses across the economy begin asking whether AI spending is worth it, with early signs of companies reining in unstructured usage budgets and shifting workloads to smaller, cheaper, or open-source alternatives.
outlook +0.00
conviction 0.00
Neutral
A period of rationalization in AI spending as businesses ask whether the spending is worth it, with early signs of companies like Uber and Microsoft discontinuing Claude Code licenses due to unmanageable costs and elusive productivity.
outlook +0.00
conviction 0.00
Neutral
A period of rationalization in AI spending as businesses ask whether the investment is worth it, potentially leading to more measured and thoughtful deployment.
outlook +0.00
conviction 0.00
Neutral
Potential rationalization period as businesses scrutinize AI spending ROI, with early signs of companies like Uber and Microsoft discontinuing Claude Code licenses due to unmanageable costs and elusive productivity gains.
outlook +0.00
conviction 0.00
Neutral
The industry's center of gravity is shifting from AI training to inference, where custom chips deliver materially better performance per watt and a lower cost per token than general-purpose GPUs.
outlook +0.00
conviction 0.00
Neutral
Resolution of the durability of the US-Iran ceasefire.
outlook +0.00
conviction 0.40
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
The SpaceX IPO, reportedly targeting later this month (July 2026), represents a major catalyst. There is a SpaceX perp on Hyperliquid currently trading around $200 per share, giving traders a way to express views before the NASDAQ listing. Elon Musk may push bankers and investors to consider where SpaceX is trading on Hyperliquid, driving a step function increase in platform awareness.
outlook +0.00
conviction 0.00
Neutral
Oil prices returning to pre-conflict levels should cause inflation to ease in coming months, potentially reducing pressure on the Federal Reserve to raise interest rates.
outlook +0.00
conviction 0.00
Neutral
The US and Iran reached an interim agreement on June 15th to reopen the Strait of Hormuz, which sent oil prices lower to $72.92 per barrel by month end.
outlook +0.00
conviction 0.00
Neutral
Drillship day rates potentially reaching over $1 million for 20+ years, which would be more than 2x current day rates, driven by no new supply in the pipeline and 5+ year delivery times for new builds costing over $1 billion.
outlook +0.00
conviction 0.00
Neutral
The price of oil was down about 20% in June following the late-June agreement ending Iran hostilities, helping ease inflation and boost consumer spending.
outlook +0.00
conviction 0.00
Neutral
A U.S.-Iran agreement prompted a pullback in oil prices as markets began to price in a lower geopolitical risk premium, with commercial traffic resuming through the Strait of Hormuz.
outlook +0.00
conviction 0.00
Neutral
The eventual reopening of the Strait of Hormuz will take weeks and months for normalized tanker traffic to resume, resulting in elevated commodity prices as flows resume and creating sustained long-term demand for crude to restock global inventories and refill Strategic Petroleum Reserves.
outlook +0.00
conviction 0.00
Neutral
Strong corporate earnings growth with Wall Street consensus estimates for 2026 EPS growth increasing from 13% to 22% throughout the year.
outlook +0.00
conviction 0.00
Neutral
A realisation that the humungous investment in AI cannot produce an adequate return or identify clear winners may derail the momentum-driven market.
outlook +0.00
conviction 0.00
Neutral
Federal Reserve signaled potential rate hikes in the near-term due to recent inflation data around energy and resilient consumer demand, warranting an extended pause.
outlook +0.00
conviction 0.00
Neutral
Broader adoption of agentic AI expected to accelerate as the year progresses, driving growth and profits for portfolio companies positioned in this space.
outlook +0.00
conviction 0.00
Neutral
Expected shift in Federal Reserve policy as the market no longer prices cuts as the base case and starts to consider the opposite direction, with Core PCE at 3.4% year-on-year.
outlook +0.00
conviction 0.00
Neutral
Expected ceasefire in Iran and normalization of traffic out of the Strait of Hormuz supporting oil prices staying below $100 per barrel over the short term.
outlook +0.00
conviction 0.00
Neutral
Corporate governance reforms in Japan continue to improve capital allocation and shareholder returns
outlook +0.00
conviction 0.00
Neutral
Expected improvement in returns on invested capital for hyperscalers as revenue expands and companies increase efficiency through custom silicon, models, and software development.
outlook +0.00
conviction 0.00
Neutral
Easing of Middle East tensions following a US-Iran agreement, which caused oil prices to fall sharply and improved market confidence.
outlook +0.00
conviction 0.00
Neutral
The potential resolution of the Hormuz crisis through the US-Iran Memorandum of Understanding, though agreeing the details is proving difficult.
outlook +0.00
conviction 0.00
Neutral
Continued market breadth expansion driven by 75% of Fed easings from the last 18 months still making their way through the economy.
outlook +0.00
conviction 0.00
Neutral
Historically, quarterly gains above 12% in the S&P 500 have been followed by further upside, with the index rising about 75% of the time and delivering a median gain near 10% over the next two quarters.
outlook +0.00
conviction 0.00
Neutral
Mean reversion in both business fundamentals and stock market valuations, as the focus will eventually shift back to actual free cash flow per share as it always does over the long-term.
outlook +0.00
conviction 0.00
Neutral
The broadening opportunity set for value investors across all corners of the market outside AI beneficiaries, as AI itself now allows more thorough research of these companies.
outlook +0.00
conviction 0.00
Neutral
Second-quarter corporate earnings season is expected to be one of the strongest in living memory, with US S&P 500 consensus forecast for 22% year-on-year growth and European earnings expected to grow 18% in calendar year 2026.
outlook +0.00
conviction 0.00
Neutral
Healthcare sector valuations have reached levels not seen since the dot-com bubble, historically a strong entry point for long-term returns in traditionally reliable growth sectors.
outlook +0.00
conviction 0.00
Neutral
Stabilization of energy prices as the Middle East conflict de-escalates could cause the inflation spike to fade from the data within a year.
outlook +0.00
conviction 0.00
Neutral
David G. Herro, Tony Coniaris, Eric Liu, M. Colin Hudson, John A. Sitarz
Jun 30, 2026
Memory chip supply continues to trail robust customer demand in semiconductors, supporting a favorable pricing environment driven by AI workloads.
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook +0.00
conviction 0.00
Neutral
A normalization of US earnings and/or valuations would be enormously accretive to the fund's current positioning with international longs and US shorts.
outlook +0.00
conviction 0.00
Neutral
President Trump signed a 14-point memorandum of understanding with Iran on 18 June in Versailles, authorising the reopening of the Strait of Hormuz and lifting the US naval blockade, with a 60-day window to negotiate remaining issues including Iran's nuclear program and Lebanon.
outlook +0.00
conviction 0.00
Neutral
Continued expansion of AI adoption and investment over the long term, supporting structural demand for compute infrastructure.
outlook +0.00
conviction 0.00
Neutral
Reversal of extreme market mispricing as historically cyclical semiconductor and commodity stocks mean-revert while competitively advantaged businesses with dominant market positions re-rate upward.
outlook +0.00
conviction 0.00
Neutral
De-escalation of the US-Iran conflict and partial reopening of the Strait of Hormuz, with the signing of an interim agreement on 17 June 2026, has reduced the geopolitical risk premium built into energy prices.
outlook +0.00
conviction 0.00
Neutral
De-escalation of tensions in the Middle East may provide additional relief on oil prices, with expectations for uninterrupted shipping through the Strait of Hormuz helping push crude oil below $75 per barrel.
outlook +0.00
conviction 0.00
Neutral
Supply shortages in the compute market are not a permanent feature, and the key distinction is between being structurally bullish on AI long-term adoption versus being cyclically cautious on how that optimism is currently reflected in equity markets.
outlook +0.00
conviction 0.00
Neutral
The reopening of the Strait of Hormuz following President Trump's 14-point memorandum of understanding with Iran on 18 June, with a 60-day window to negotiate remaining issues including Iran's nuclear program and Lebanon.
outlook +0.00
conviction 0.00
Neutral
The appointment of a new Federal Reserve Chair could signal shifts in monetary policy direction affecting market liquidity and interest rates.
outlook +0.00
conviction 0.00
Neutral
A sharp fall in oil prices (Brent crude declining by around $13 per barrel in June) provided support for government bonds, particularly in Europe and the UK, by easing inflation concerns.
outlook +0.00
conviction 0.00
Neutral
Ceasefires emerged in the Iran conflict with the US and Iran signing a shaky MOU to reopen the Strait of Hormuz and negotiate during a 60-day ceasefire, leading to falling oil prices that should be a tailwind to energy-sensitive equities.
outlook +0.00
conviction 0.00
Neutral
Increasing market differentiation between AI companies already earning their valuations through demonstrated cash flows versus those still dependent on future promises, creating opportunities in companies with proven business models.
outlook +0.00
conviction 0.00
Neutral
Strong corporate earnings and continued investment into AI infrastructure have provided meaningful support for domestic equities, reinforcing confidence in market leaders' continued growth.
outlook +0.00
conviction 0.00
Neutral
Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually in AI data centers for the foreseeable future.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
The forthcoming Q2 earnings season will be pivotal, with investors demanding evidence that AI expenditure is converting into revenues, margins and cash flow.
outlook +0.00
conviction 0.00
Neutral
Winners and losers among multi-national producers of tradeable goods and developers of artificial intelligence capabilities will become obvious in time.
outlook +0.00
conviction 0.00
Neutral
Markets repriced away from worst-case energy-supply outcomes as tanker traffic partially normalized, alternative export routes were utilized, and strategic reserves were released.
outlook +0.00
conviction 0.00
Neutral
Brief but sharp episodes when air comes out of the most crowded parts of the AI trade provide opportunities for quality-focused portfolios to demonstrate relative resilience and downside protection.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Hyperscalers are expected to spend $600-700 billion this year on AI infrastructure, driving continued growth in the semiconductor supply chain.
outlook +0.00
conviction 0.00
Neutral
A shift in the semiconductor chip cycle driven by customers digesting earlier purchases, data center projects getting delayed, or the return on incremental capital becoming hazier.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Excess capacity exiting the Canadian trucking industry is supporting stronger freight rates and shipment volumes, creating an attractive inflection point for trucking companies.
outlook +0.00
conviction 0.00
Neutral
Resolution of the Middle East conflict allowing the Strait of Hormuz to re-open and for energy and other resources to flow to export markets, with crude oil trading down more than 23% on the US-Iran ceasefire.
outlook +0.00
conviction 0.00
Neutral
The 21st Century ROAD to Housing Act passed by Congress is expected to come into effect shortly, with impactful provisions including streamlined building codes, local zoning incentives, restrictions on institutional ownership of single-family rental properties, and removal of the federal chassis requirement for manufactured homes.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
The shift from smartphone image sensors to physical AI applications in autonomous vehicles and robotics represents a major growth opportunity for Sony's sensor business.
outlook +0.00
conviction 0.00
Neutral
Rebuilding of global strategic and industrial oil inventories will take years and will add incremental oil demand during that process, supporting long-life offshore energy supplies critical to energy security.
outlook +0.00
conviction 0.00
Neutral
The US and Iran announced an interim peace agreement in June, opening a 60-day negotiation period that eases concerns over conflict and allows toll-free passage through the Strait of Hormuz, lowering future inflation risks.
outlook +0.00
conviction 0.00
Neutral
Public market M&A activity where U.S. and other strategically positioned buyers use low-cost equity capital to acquire international platforms, seizing on the disconnect between listed and private market values.
outlook +0.00
conviction 0.00
Neutral
If inflation continues to moderate, the Fed may have more flexibility to reduce interest rates in the second half of 2026.
outlook +0.00
conviction 0.00
Neutral
Seemingly insatiable demand for AI infrastructure is driving strength in semiconductor markets and related equipment suppliers.
outlook +0.00
conviction 0.00
Neutral
The transition from training-focused infrastructure to inference-focused infrastructure in AI will shift the mix of semiconductor chip architectures and create different winners in the market.
outlook +0.00
conviction 0.00
Neutral
When attention returns from the crowded AI theme to neglected areas, it should find a backlog of operational progress that was never properly priced, potentially driving re-ratings.
outlook +0.00
conviction 0.00
Neutral
Recovery in foreign tourism to Australia with rolling twelve-month visitors reaching 9.16 million showing 9.6% annual growth, approaching pre-COVID levels of 9.5 million annual visitors.
outlook +0.00
conviction 0.00
Neutral
Artificial Intelligence adoption is reshaping business models, workforces, and societal resilience, creating unprecedented opportunities across the value chain from infrastructure to applications. Temasek is positioning to capture this through investments and internal transformation.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Broadening market participation is emerging, with areas such as energy, industrials, and materials contributing more meaningfully, supported by commodity trends, infrastructure investment, and reshoring activity.
outlook +0.00
conviction 0.00
Neutral
Federal Reserve policy reaction function in an environment where inflation is running well above target will determine whether the economy shifts towards a disinflationary trend-like pace or a stagflationary/recessionary outcome.
outlook +0.00
conviction 0.00
Neutral
Easing tensions in the Middle East following diplomatic progress between the United States and Iran, with reopening of key energy transport routes and expectations of increased oil supply contributing to declining oil prices and reduced inflationary pressures.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Expected continued growth in AI infrastructure spending through 2027 and potentially 2028, with SemiAnalysis believing spending on AI between now and 2029 could require as much as $7 trillion in new debt issuance.
outlook +0.00
conviction 0.00
Neutral
Structural shift in through-cycle oil prices from low $70s to closer to $80 due to permanent geopolitical risk premium, Venezuelan supply constraints, Hormuz vulnerabilities, and OPEC+ production discipline.
outlook +0.00
conviction 0.00
Neutral
Established digital leaders like Amazon, Meta, and Netflix investing heavily in AI to widen their competitive moats while trading at 30-50% lower valuations than semiconductor businesses.
outlook +0.00
conviction 0.00
Neutral
Electrification trends driven by EVs, AI data centers, and manufacturing reshoring are expected to benefit independent power producers in the years to come.
outlook +0.00
conviction 0.00
Neutral
Physical oil market tightening as global inventories continue to decline and China returns to normal import levels, potentially forcing crude prices to converge with product prices at $120-140/barrel.
outlook +0.00
conviction 0.00
Neutral
The arrival of coding agents and agents more generally represents a shift from token-based consumption to work-based demand, potentially radically increasing AI's economic value and magnitude of demand.
outlook +0.00
conviction 0.00
Neutral
The semiconductor index corrected -20% from highs, potentially signaling a rotation away from the most expensive areas of the market.
outlook +0.00
conviction 0.00
Neutral
AI infrastructure build-out continues to accelerate with hyperscalers increasing capex plans and Anthropic achieving tenfold ARR growth to $45 billion in five months, demonstrating rapid monetization of AI technology across the stack.
outlook +0.00
conviction 0.00
Neutral
Cooling of the AI mania could lead to mean reversion in technology valuations, allowing the fund's undervalued technology holdings to close the gap to intrinsic value as market focus shifts from AI hype to fundamental valuations.
outlook +0.00
conviction 0.00
Neutral
Tenuous peace talks in the Middle East caused oil prices to fall back near pre-war levels and moved inflation expectations lower.
outlook +0.00
conviction 0.00
Neutral
International and emerging market equities remain meaningfully cheaper than U.S. counterparts, with a decade of global underallocation slowly reversing, representing a structural shift in capital flows.
outlook +0.00
conviction 0.00
Neutral
Pent-up demand for automation equipment after years of underspending is beginning to materialize as uncertainties around interest rates, tariffs, and conflicts improve.
outlook +0.00
conviction 0.00
Neutral
Strattec CEO Jen Slater targeting EBIT margin expansion from current 5.0% to 7-10% over the next three years through increased prices, reducing supplier and tariff costs, manufacturing automation, and winning contracts with non-US auto OEMs.
outlook +0.00
conviction 0.00
Neutral
Hedgeye's real GDP projection model shows modest rate-of-change acceleration and deceleration quarter-to-quarter through the second half of 2026 and into early 2027, which could lead to both upside and downside volatility in risk assets.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
AI is accelerating the migration of business computing to the cloud, with only around a third of business computing today in the cloud, and Microsoft is well-placed as the world's second-largest cloud provider.
outlook +0.00
conviction 0.00
Neutral
Expected recovery in UK housing demand from current cyclical trough, with stable long-term demographic drivers and fairly price inelastic demand for housing.
outlook +0.00
conviction 0.00
Neutral
AI should ultimately increase demand for sophisticated engineering as companies modernize legacy systems and integrate AI into their workflows, benefiting companies like EPAM with forward-deployed engineering capabilities.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Jacques Hirsch, Kristofer Barrett, Guillaume Rigeade, Eliezer Ben Zimra
Jun 30, 2026
Enterprises moving from AI experimentation to large-scale deployment should increase demand for software enabling governance, security, and efficient management of AI applications.
outlook +0.00
conviction 0.00
Neutral
Growing AI capital expenditure is driving demand for advanced semiconductor manufacturing and high-bandwidth memory, benefiting companies positioned at critical layers of the AI supply chain.
outlook +0.00
conviction 0.00
Neutral
The next few inflation reports will go a long way toward answering what the Fed does next, as oil has returned to pre-conflict levels and inflation is expected to ease.
outlook +0.00
conviction 0.00
Neutral
American hiring leapt in March, April, and May after stalling around April last year, with the jobs market firming and wage growth expected to follow.
outlook +0.00
conviction 0.00
Neutral
AI capital expenditure expected to be stronger for longer as AI rapidly becomes more capable and the addressable market expands.
outlook +0.00
conviction 0.00
Neutral
Further capacity expansions at leading edge foundries and memory semiconductor companies driving demand for capital equipment.
outlook +0.00
conviction 0.00
Neutral
SpaceX priced the largest IPO in history on June 11, 2026, at a valuation of approximately $1.75 trillion, bringing public market pricing to space-based infrastructure and AI ambitions.
outlook +0.00
conviction 0.00
Neutral
Expected Fed rate stability despite market pricing reflecting potential hikes, which the manager views as potential mispricing that reflects value in fixed income exposure.
outlook +0.00
conviction 0.00
Neutral
Ground-breaking advances in AI have reignited interest across technology, and these opportunities will take years if not decades to play out, as the fund continues to believe we are in the early innings of many powerful secular growth trends.
outlook +0.00
conviction 0.00
Neutral
The geopolitical backdrop improved materially after the US and Iran signed a memorandum of understanding to end hostilities, following a framework that included a 60-day ceasefire and the reopening of the Strait of Hormuz, paving the way for renewed negotiations on Iran's nuclear programme.
outlook +0.00
conviction 0.00
Neutral
Healthcare is expected to capture a bigger piece of the wallet of individuals, companies, and governments over the next 10 to 20 years, whether through actual expense to cure and prevent diseases, increased R&D and production, or the cost to detect them, driven by aging and urbanizing populations, lifestyle changes increasing chronic conditions, and technological advances from AI to advanced microscopy to gene editing.
outlook +0.00
conviction 0.00
Neutral
New products and changing trading formats in futures and derivatives markets may create openings for smaller exchange operators not dependent on established legacy franchises.
outlook +0.00
conviction 0.00
Neutral
Hyperscalers remain committed to massive AI infrastructure investments, supporting demand across semiconductors, networking, servers, power solutions and related information-technology supply chains, with capital expenditure plans remaining at historically high levels.
outlook +0.00
conviction 0.00
Neutral
Global strategic petroleum reserve refills and new reserve establishment will create steady strategic demand for oil and gas.
outlook +0.00
conviction 0.00
Neutral
Large private AI companies including SpaceX, OpenAI, and Anthropic are expected to go public soon, adding trillions of dollars of new market value backed by very little earnings, with large IPOs historically clustering at the end of technology capital cycles as they did in the late 1990s.
outlook +0.00
conviction 0.00
Neutral
US hyperscalers raising collective capex guidance for 2026 to $700 billion, reinforcing investor confidence that the AI infrastructure buildout remains largely unaffected by geopolitical disruptions.
outlook +0.00
conviction 0.00
Neutral
US hyperscalers raising collective capex guidance for 2026 to $700 billion, reinforcing investor confidence that AI infrastructure buildout remains largely unaffected by geopolitical events.
outlook +0.00
conviction 0.00
Neutral
The memorandum of understanding between Iran and the US, announced on June 15th and signed on June 17th, opened a 60-day negotiation period and led to a sharp decline in oil prices.
outlook +0.00
conviction 0.00
Neutral
A ceasefire near quarter end eased concerns about a broader regional conflict and helped improve investor sentiment.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
A stronger-than-expected US consumer on the ground, confirmed by insights gained from direct company meetings.
outlook +0.00
conviction 0.00
Neutral
Structurally higher interest rates for the foreseeable future, boosting bank lending profitability and trading volumes.
outlook +0.00
conviction 0.00
Neutral
A planned $500bn memory production capex investment in South Korea acts as a significant supply-side expansion catalyst that could accelerate the end of the semiconductor boom cycle.
outlook +0.00
conviction 0.00
Neutral
Easing of geopolitical tensions in the Middle East and recovery of shipping activity in key maritime chokepoints like the Strait of Hormuz.
outlook +0.00
conviction 0.00
Neutral
Broadening of stock market leadership into non-tech sectors such as financials, industrials, and healthcare.
outlook +0.00
conviction 0.00
Neutral
Moderation of inflation levels post the Iran war.
outlook +0.00
conviction 0.00
Neutral
A healthy economic environment sustained by resilient consumer spending, strong labor conditions, and solid corporate earnings growth.
outlook +0.00
conviction 0.00
Neutral
Lance Cannon, Brian Smoluch, David Swank
Jun 30, 2026
Continued investment in infrastructure, defense, and industrial capacity in Europe is creating attractive opportunities beneath the modest macro growth surface.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
A broader market rotation away from AI-beneficiary momentum stocks toward sectors offering fundamental value like healthcare, financials, and staples.
outlook +0.00
conviction 0.00
Neutral
Robinson Capital Management, LLC (sub-advisor); Liberty Street Funds (distributor)
Jun 30, 2026
The narrowing of excessively wide discounts in taxable credit CEFs toward their historical averages.
outlook +0.00
conviction 0.00
Neutral
Successful US-Iran peace talks reducing inflation expectations and unlocking private investments.
outlook +0.00
conviction 0.00
Neutral
A transition from a highly concentrated, tech-led market to broader stock market participation where diversified portfolios outperform.
outlook +0.00
conviction 0.00
Neutral
Massive electricity demand driven by AI infrastructure and data centers, creating a structural tailwind for traditional and nuclear energy producers.
outlook +0.00
conviction 0.00
Neutral
A trend reversal where speculative tech froth cools down, prompting a market-wide rotation back into old-fashioned value stocks.
outlook +0.00
conviction 0.00
Neutral
Enterprise migration from cloud API usage to on-premise AI infrastructure as companies seek cost efficiency, with open models offering 90% of frontier model performance at 13% of the cost.
outlook +0.00
conviction 0.00
Neutral
A reversion of market currents where speculative narratives exhaust themselves and investors return to prioritizing traditional valuations and balance-sheet resilience.
outlook +0.00
conviction 0.00
Neutral
A reduction in macroeconomic overhangs, highlighted by a stable transition of the Federal Reserve Chair and a fragile holding of Middle East peace, which allows markets to focus back on corporate earnings.
outlook +0.00
conviction 0.00
Neutral
Potential public listings of Anthropic and OpenAI before the IPO window closes, which could prolong the current AI capex boom.
outlook +0.00
conviction 0.00
Neutral
Implementation and durable truce under the preliminary US-Iran accord leading to sustained reopening of the Strait of Hormuz, reduction in energy risk premia, and easing of headline inflation expectations.
outlook +0.20
conviction 0.40
Bullish
The closure of the Strait of Hormuz... resulting in a significant drawdown of global oil inventories... This should result in elevated commodity prices as the tanker flows resume.
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook +0.20
conviction 0.80
Bullish
Fiscal support and still strong corporate earnings
outlook +0.00
conviction 0.00
Neutral
Sustained high commodity prices, particularly gold and copper, driving improved margins and production incentives for operators.
outlook +0.60
conviction 0.90
Very bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.90
Very bullish
Strong corporate earnings growth, particularly in the US and technology sectors, which continues to drive broad equity market performance.
outlook +0.60
conviction 0.70
Very bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook +0.40
conviction 0.70
Bullish
An ongoing Western rearmament programme stimulated by current geopolitical tensions.
outlook +0.20
conviction 0.60
Bullish
A shift in Fed policy toward trimmed-mean inflation measures and ranges instead of point estimates.
outlook +0.00
conviction 0.40
Neutral
Resolution or containment of the conflict involving Iran and subsequent normalization of global energy markets.
outlook -0.20
conviction 0.50
Bearish
The Bank of Japan tightening monetary policy to demonstrate independence and address the cost-of-living crisis.
outlook -0.40
conviction 0.70
Bearish
Market Posture: NEUTRAL
outlook -0.60
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Significant multiple compression (software down ~40% YTD) creating attractive valuations.
outlook +0.40
conviction 0.80
Bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.80
Bearish
Defense spending expected to increase globally as governments prepare for self-reliance in an increasingly unstable world.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.40
conviction 0.90
Bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.50
Bearish
Market recognition that AI will benefit incumbent software platforms rather than disrupt them
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook +0.20
conviction 0.90
Bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
AI-driven demand and rising compute intensity are sustaining investment in advanced manufacturing, supporting semiconductor capital equipment companies.
outlook +0.00
conviction 0.00
Neutral
Structurally higher global uncertainty creates opportunities for businesses that provide and allocate capital to earn higher returns as capital becomes scarcer.
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Progress toward artificial general intelligence (AGI) and surging demand for AI infrastructure.
outlook +0.00
conviction 0.70
Neutral
AI technology compressing production costs and transferring productivity surpluses directly to customers.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
The urgent need for governments to diversify energy strategies and secure robust power infrastructure drives long-term spending.
outlook +0.60
conviction 0.90
Very bullish
A potential long-overdue sea change in equity market leadership favoring smaller and medium-capitalization non-US value equities over mega-cap US growth.
outlook +0.40
conviction 0.70
Bullish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
Acceleration of a macro productivity cycle powered by automation, digitalization, and artificial intelligence, echoing historical booms of the 1960s and 1990s.
outlook +0.60
conviction 0.50
Very bullish
A shift in market leadership following a narrow, mega-cap-driven environment toward a broader set of mid- and large-cap names.
outlook +0.00
conviction 0.50
Neutral
Middle East escalation leading to a sharp spike in crude oil prices.
outlook -0.40
conviction 0.60
Bearish
Resilient global M&A activity reaching nearly $1.4 trillion in Q1, generating the second-highest quarterly volume on record and bolstering credit event opportunities.
outlook -0.40
conviction 0.60
Bearish
German economic plan to drive recovery in European economic growth.
outlook -0.40
conviction 0.70
Bearish
A continuing contraction of the valuation discount of public REITs relative to general equities, driven by improving fundamentals in key property sectors.
outlook +0.60
conviction 0.70
Very bullish
Implementation of the AMP 8 regulatory investment program (2026-2030) in the United Kingdom.
outlook +0.20
conviction 0.60
Bullish
Ongoing massive corporate capital expenditure and buildout of artificial intelligence infrastructure and power generation capabilities.
outlook +0.40
conviction 0.80
Bullish
Accelerating demand for AI infrastructure, cloud computing, and next-generation data center buildouts.
outlook +0.40
conviction 0.70
Bullish
Aggressive financial sector deregulation under the Trump administration, driving increased credit flows, M&A, and IPO activity.
outlook +0.40
conviction 0.80
Bullish
Return of international buyers to UK equities as valuations decouple from fundamental values.
outlook +0.60
conviction 0.80
Very bullish
Enterprise AI Adoption and Upgrade Cycles: Meaningful deployment of Agentic AI is expected to accelerate and become visible by 2027/2028 as corporate IT networks complete necessary upgrades.
outlook +0.40
conviction 0.80
Bullish
Future Federal Reserve interest rate cuts, which would reduce bank loan yields and support duration-heavy high-yield portfolios.
outlook +0.00
conviction 0.40
Neutral
If current geopolitical tensions stabilize, even modestly, the setup should be in place for a reacceleration in global markets, with non-U.S. equities well positioned to lead.
outlook +0.00
conviction 0.00
Neutral
Geopolitical risk in the Middle East causing supply concerns for crude oil.
outlook +0.00
conviction 0.70
Neutral
Market Posture: NEUTRAL
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook -1.00
conviction 0.20
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.40
Bullish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook -0.20
conviction 0.30
Bearish
No commentary available.
outlook +0.20
conviction 0.30
Bullish
No commentary available.
outlook +0.40
conviction 0.40
Bullish
No commentary available.
outlook +0.60
conviction 0.40
Very bullish
Market Posture: BEARISH
outlook -0.40
conviction 0.40
Bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook +0.60
conviction 0.40
Very bullish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook +0.20
conviction 0.60
Bullish
No commentary available.
outlook +0.40
conviction 0.40
Bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook +0.40
conviction 0.40
Bullish
No commentary available.
outlook +0.20
conviction 0.40
Bullish
No commentary available.
outlook +0.20
conviction 0.30
Bullish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook +0.00
conviction 0.30
Neutral
Market Posture: BULLISH
outlook +0.60
conviction 0.90
Very bullish
Market Posture: CONSTRUCTIVE
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
Market Posture: CAUTIOUS
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.90
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.00
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.90
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.90
Neutral
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.90
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.90
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.40
conviction 0.40
Bullish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.60
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook +0.40
conviction 0.90
Bullish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.90
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.30
Very bullish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
China's April 2024 nine-point corporate governance guidelines explicitly endorsed shareholder returns through share buybacks for the first time with formal CCP blessing.
outlook -0.60
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.70
Bullish
Market Posture: BULLISH
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CAUTIOUS
outlook -0.20
conviction 0.40
Bearish
Fed rate cuts and additional fiscal support expected to cushion softer U.S. growth.
outlook +0.00
conviction 0.00
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.50
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.60
Bullish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 8.00
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.80
Very bullish
Market Posture: CONSTRUCTIVE
outlook -0.60
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.80
Bullish
Market Posture: BULLISH
outlook +1.00
conviction 0.90
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 4.00
Bearish
Should fundamentals such as high ROA and strong balance sheets regain traction as a main driver of investment, there is substantial room for high-quality foreign SMID and Emerging Market SMID stocks to rebound.
outlook +0.40
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: BULLISH
outlook +0.40
conviction 0.70
Bullish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.30
conviction 3.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.50
conviction 4.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 4.50
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.20
conviction 0.90
Bearish
Market Posture: BULLISH
outlook -0.30
conviction 4.50
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.50
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.80
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 4.80
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 4.00
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook -0.60
conviction 4.00
Very bearish
NATO member countries agreed to raise defense spending target to 5% of GDP by 2035, potentially driving sustained growth in European defense and aerospace sectors.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.90
Neutral
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.90
Bullish
Market Posture: CONSTRUCTIVE
outlook -0.20
conviction 8.50
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.80
conviction 9.00
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.30
conviction 8.00
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.50
Very bullish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.80
Bearish
Market Posture: CAUTIOUS
outlook -0.60
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Market Posture: BULLISH
outlook -0.20
conviction 4.00
Bearish
David G. Herro, Tony Coniaris, Eric Liu, M. Colin Hudson, John A. Sitarz
Jun 30, 2025
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 4.00
Bearish
Market Posture: CAUTIOUS
outlook -0.20
conviction 8.00
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.90
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.90
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.50
conviction 8.00
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.80
Very bullish
Market Posture: BULLISH
outlook +0.80
conviction 0.90
Very bullish
Hubert Aarts, David Winborne, Siddharth Jha, Luciano Lilloy
Jun 30, 2025
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 8.00
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 3.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 3.00
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.20
conviction 4.00
Bearish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.90
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 8.00
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 8.00
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 8.00
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 8.00
Very bullish
Market Posture: CONSTRUCTIVE
outlook -0.20
conviction 4.50
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.80
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 9.00
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.90
Bullish
Market Posture: BULLISH
outlook +0.60
conviction 0.80
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.10
conviction 8.50
Neutral
Market Posture: CONSTRUCTIVE
outlook +0.50
conviction 9.00
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.80
Bullish
Market Posture: CONSTRUCTIVE
outlook -0.50
conviction 4.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.60
conviction 4.50
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.50
conviction 8.00
Bullish
Rick Rieder, Russell Brownback, David Rogal
Jun 30, 2025
Market Posture: CONSTRUCTIVE
outlook -0.30
conviction 4.00
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 7.00
Bullish
Market Posture: CONSTRUCTIVE
outlook -0.20
conviction 4.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.50
conviction 4.80
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.90
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Europe signaled progress on fiscal stimulus and reform measures with investment flows into the region increasing
outlook +0.00
conviction 0.00
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.40
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.70
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
A weaker dollar that has weakened significantly this year and looks significantly overvalued on a purchasing power parity basis.
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook +0.20
conviction 0.40
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.20
conviction 0.50
Bearish
No commentary available.
outlook +0.00
conviction 0.60
Neutral
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.50
conviction 4.00
Bearish
No commentary available.
outlook +0.60
conviction 0.40
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
A potential shift in US trade policy negotiations to reduce ultimate tariff burdens, which would bring significant equity market relief.
outlook -0.20
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.30
Bearish
The potential announcement of retaliatory tariffs by the European Union on major US export sectors like software services.
outlook -0.60
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.20
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook +0.40
conviction 0.60
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
The ongoing roll-out of electronic invoicing mandates in Germany and rising adoption in Belgium.
outlook +0.00
conviction 0.90
Neutral
A strong U.S. labor market combined with healthy household and financial institution balance sheets, providing a cushion against a severe economic downturn.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.20
conviction 0.40
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.00
conviction 0.30
Neutral
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.60
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.80
conviction 1.00
Very bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.20
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.60
conviction 0.70
Very bearish
No commentary available.
outlook -0.60
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
Trump administration likely to moderate its tariff approach at a critical juncture to avert more severe economic consequences.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.80
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
The AI-revolution is increasingly taking hold in the broader economy as Large Language Models improve capabilities and companies become more comfortable delegating tasks to AI, with 77% of companies using AI for automation patterns.
outlook -1.00
conviction 0.60
Very bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook +0.00
conviction 0.70
Neutral
Market Posture: BULLISH
outlook -0.40
conviction 0.20
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Regulatory divergence between regions, with EU banning over 2500 chemicals while US has banned only 11
outlook -0.60
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.40
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.50
Bearish
Market Posture: CONSTRUCTIVE
outlook +0.40
conviction 1.00
Bullish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.00
Bearish
Market Posture: BEARISH
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.50
Very bearish
Market Posture: BULLISH
outlook -0.40
conviction 0.80
Bearish
Potential ceasefire or negotiated settlement between Russia and Ukraine in 2025.
outlook +0.40
conviction 0.60
Bullish
A potential shift in Canadian federal leadership to the Conservative Party, which is expected to ease environmental regulations and support energy sector growth.
outlook +0.00
conviction 0.90
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
A potential reversion to historical book value averages for international listed real estate, which could drive up to 40% upside across the sector.
outlook +0.60
conviction 0.80
Very bullish
The stabilization of macroeconomic interest rate worries and inflation pressures, which would benefit high-margin, rate-sensitive growth equities.
outlook +0.00
conviction 0.80
Neutral
A cyclical recovery in consumer and retail markets, supported by US financial markets near all-time highs and declining interest rates.
outlook +0.20
conviction 0.90
Bullish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.80
conviction 0.50
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
A highly positive and supportive regulatory environment in the US, including a new pro-crypto SEC chair and the anticipated passage of a bipartisan stablecoin bill.
outlook +0.80
conviction 0.70
Very bullish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
A potential shift in market focus back to valuations, closing the record valuation spread between disciplined value strategies and expensive benchmarks.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.40
Bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.60
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.60
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Federal Reserve monetary policy easing, with two rate cuts anticipated during 2025.
outlook +0.40
conviction 0.70
Bullish
U.S. policy shifts including potential corporate tax cuts, deregulation, and protectionist tariff implementation under the incoming administration.
outlook +0.20
conviction 0.70
Bullish
Pro-business fiscal policy changes, deregulation, and resource opening in North America following U.S. presidential election outcomes.
outlook -0.20
conviction 0.80
Bearish
Potential Canadian election early in 2025 ushering in business-friendly conservative leadership.
outlook +0.60
conviction 0.70
Very bullish
Expected regulatory easing and business-friendly policy shifts under the new Trump administration benefiting financial services, energy, and manufacturing sectors.
outlook +0.20
conviction 0.80
Bullish
Implementation of pro-growth economic policies and deregulation by the incoming U.S. administration.
outlook +0.20
conviction 0.60
Bullish
Global central bank easing biases and accommodative fiscal policies injecting ample liquidity into financial markets.
outlook +0.40
conviction 0.70
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.50
Neutral
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.90
Neutral
Trend reversals in domestic markets triggering short positions in indices like the Russell 2000.
outlook -0.60
conviction 0.70
Very bearish
Federal Reserve's ongoing rate-cutting cycle lowering funding costs and steepening the yield curve for banks.
outlook +0.40
conviction 0.70
Bullish
Upcoming corporate quarterly earnings reports following the holiday season.
outlook +0.60
conviction 0.70
Very bullish
Increasing demand for specialized insurance coverage due to more complex risk landscapes.
outlook +0.40
conviction 0.80
Bullish
Market Posture: BULLISH
outlook +0.60
conviction 0.50
Very bullish
Broadening AI implementation allowing companies to utilize AI to create real-world efficiencies.
outlook +0.40
conviction 0.70
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.90
Neutral
Strong economic growth and financial sector improvement in India.
outlook +0.00
conviction 0.70
Neutral
More favorable post-election regulatory environment
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.90
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.90
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.00
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.40
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.40
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.80
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook +0.00
conviction 0.70
Neutral
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.70
Neutral
Market Posture: CONSTRUCTIVE
outlook +0.60
conviction 0.80
Very bullish
Market Posture: CAUTIOUS
outlook -1.00
conviction 0.70
Very bearish
Rohan Kumar, Lance Cannon, Brian Smoluch & David Swank
Dec 31, 2024
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
Market Posture: CONSTRUCTIVE
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.20
conviction 0.40
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
Potential market re-pricing or economic slowdown creating an expanded set of deeply mispriced investment opportunities.
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Secular expansion of platform gaming, digital software distribution, and entertainment IP monetization.
outlook +0.40
conviction 0.90
Bullish
Accelerating enterprise adoption of generative AI applications driving increased cloud infrastructure demand on hyperscale platforms.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Central bank rate reductions by the Bank of Canada and European Central Bank easing monetary conditions.
outlook -0.20
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Global central bank interest rate cuts providing monetary tailwinds for emerging market currencies and growth assets
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.00
Neutral
Normalisation of lumber prices back toward historical break-even levels of ~$500 per thousand board feet.
outlook +0.20
conviction 0.90
Bullish
A potential recovery in the IPO market, which saw over $16bn raised in Q2 2024, providing liquidity and exit pathways for private portfolio holdings.
outlook +0.20
conviction 0.70
Bullish
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.50
Neutral
Increasing market visibility on demand backlog recovery for core technology and industrial holdings following earnings volatility
outlook +0.00
conviction 0.80
Neutral
Potential Federal Reserve interest rate cuts later in 2024 providing support for growth equities.
outlook +0.60
conviction 0.80
Very bullish
Broadening market earnings expansion beyond initial mega-cap AI beneficiaries.
outlook +0.60
conviction 0.80
Very bullish
Potential stabilization of the Chinese property market through increased government policy support and social housing acquisition initiatives.
outlook +0.20
conviction 0.70
Bullish
Widespread integration of hardware-level AI features driving replacement cycles in smartphones and PCs.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.20
conviction 0.40
Bullish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
Market Posture: CONSTRUCTIVE
outlook +0.00
conviction 0.80
Neutral
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
A strong cyclical rebound in global capital markets and M&A activity from their 10-year lows.
outlook +0.40
conviction 0.90
Bullish
Inherent tax-deferral benefits of long-term compounding, acting as an interest-free loan.
outlook +0.00
conviction 0.90
Neutral
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
Potential Federal Reserve interest rate reductions alleviating bank deposit pressure and reducing mark-to-market balance sheet losses
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Sustained revenue and free cash flow growth across enterprise technology and global digital commerce compounders.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -0.80
conviction 0.30
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Potential Federal Reserve interest rate cuts in 2024 could lower capital costs and re-stimulate commercial real estate sales, leasing transactions, and private equity deal activity.
outlook +0.20
conviction 0.80
Bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Recognition by market participants of sustained mid-teens return on equity in European banks leading to a valuation re-rating.
outlook +0.20
conviction 0.80
Bullish
Stabilization of interest rates and inflation dynamics in 2024
outlook +0.20
conviction 0.90
Bullish
Normalization and eventual price deflation of fundamentally weak, highly shorted stocks following market exuberance.
outlook -0.20
conviction 0.70
Bearish
Potential Federal Reserve interest rate cuts in 2024 spurring commercial real estate transactions and private equity activity.
outlook +0.40
conviction 0.90
Bullish
Potential Federal Reserve interest rate cuts in 2024 expected to unfreeze commercial real estate transactions and private equity fundraising.
outlook +0.40
conviction 0.80
Bullish
Market Posture: NEUTRAL
outlook -0.40
conviction 0.70
Bearish
Potential Federal Reserve interest rate cuts in 2024 expected to normalize transaction activity in private markets and commercial real estate.
outlook +0.40
conviction 0.80
Bullish
Tokyo Stock Exchange announced reform in 2023 calling on listed companies to implement management conscious of cost of capital and stock price.
outlook +0.20
conviction 0.80
Bullish
Tokyo Stock Exchange (TSE) requiring companies to disclose capital efficiency improvement plans, especially if trading below 1x book value.
outlook +0.60
conviction 0.80
Very bullish
Ebbing inflation paired with resilient consumer spending and robust employment.
outlook +0.40
conviction 0.70
Bullish
Prospect of falling central bank interest rates driven by a slowdown in economic growth and falling inflation.
outlook -0.60
conviction 0.90
Very bearish
The $280bn CHIPS Act is driving a historic wave of technology, battery, and semiconductor factory onshoring in the U.S., creating huge turnkey electrical infrastructure demand.
outlook -0.20
conviction 0.70
Bearish
Significant legislation, including the US Infrastructure Investment and Jobs Act ($73bn) and the Inflation Reduction Act ($369bn), is funneling immense capital into upgrading the electrical grid.
outlook -0.20
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.40
Very bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.20
conviction 0.90
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Anticipated Federal Reserve interest rate cuts in 2024.
outlook +0.60
conviction 0.40
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook +0.60
conviction 0.30
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.20
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.00
conviction 0.00
Neutral
23% increase in U.S. Treasury auction sizes is forecasted for 2024.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
Market Posture: CAUTIOUS
outlook -0.40
conviction 0.90
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.20
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.40
Very bearish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
The U.S. Federal Reserve reduced benchmark interest rates by 0.50%, the first reduction in borrowing costs since the onset of the COVID pandemic in March 2020. More rate reductions are expected in 2025.
outlook +0.00
conviction 0.00
Neutral
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.30
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.40
Bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.60
Very bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook -1.00
conviction 0.40
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
The Trans Mountain Pipeline coming online early next year, improving heavy crude oil egress from Western Canada.
outlook -0.40
conviction 0.80
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 1.00
Bearish
Strength in the US economy and labor market suggesting interest rates won't be cut in the near term, benefiting net interest income for financial intermediaries.
outlook +0.20
conviction 0.80
Bullish
Consolidation of the European airline sector, driving weaker players out and enabling rational pricing for low-cost leaders.
outlook -0.40
conviction 0.70
Bearish
President Biden's signature legislation driving significant US fiscal spending into clean energy, infrastructure, and domestic semiconductor manufacturing.
outlook +0.00
conviction 0.90
Neutral
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Market-wide and stock price volatility presents opportunities for the manager to purchase or add to high-quality positions at significant discounts to intrinsic value.
outlook +0.00
conviction 0.80
Neutral
Market Posture: CAUTIOUS
outlook +0.20
conviction 0.40
Bullish
Generative AI Integration: Adoption of LLMs and generative AI tools represents a massive wave of secular growth that can dramatically improve corporate productivity and yield high-value new premium software features.
outlook +0.00
conviction 0.70
Neutral
Price increases, ad-supported subscription tiers, and measures like password-sharing restrictions are expected to boost average revenue per user (ARPU) and accelerate DTC streaming profitability.
outlook +0.40
conviction 0.90
Bullish
Peak inflation in the US, leading to falling interest rates and a falling dollar, which will boost overseas multiples.
outlook -0.40
conviction 0.70
Bearish
A definitive peak in US inflation that triggers falling domestic interest rates, leading to a weaker US dollar and expanding multiples across international markets.
outlook -0.20
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.20
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.40
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.30
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.20
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.30
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.20
conviction 0.90
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
Expected recovery and pent-up demand rebound in the M&A market during the second half of 2023 as credit markets thaw.
outlook +0.60
conviction 0.90
Very bullish
A robust rebound in M&A activity in the second half of 2023 as credit markets begin to thaw, driving corporate takeover activity for small-cap value targets.
outlook +0.60
conviction 0.90
Very bullish
Potential shift from interest rate hikes to interest rate cuts in the next 6 to 12 months as concern shifts to an economic hard landing.
outlook +0.60
conviction 0.90
Very bullish
Lagged impact of global monetary policy tightening taking full effect on interest-rate-sensitive economic sectors.
outlook -0.40
conviction 0.70
Bearish
Market Posture: CONSTRUCTIVE
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.20
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.50
Very bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
Market Posture: NEUTRAL
outlook -1.00
conviction 0.80
Very bearish
Market Posture: NEUTRAL
outlook +0.40
conviction 0.90
Bullish
Market Posture: NEUTRAL
outlook +0.00
conviction 0.00
Neutral
Market Posture: NEUTRAL
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.80
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook +0.80
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.00
conviction 0.80
Neutral
Current reshoring trends will continue and could benefit from increased specialized manufacturing in the U.S.
outlook -0.40
conviction 0.40
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook +0.00
conviction 0.30
Neutral
No commentary available.
outlook +0.00
conviction 0.30
Neutral
President Trump's monumental change in trade policy may trigger a corresponding sea change in capital markets as an inflection point catalyst.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.00
conviction 0.80
Neutral
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.60
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.80
Neutral
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.00
conviction 0.80
Neutral
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.00
conviction 0.40
Neutral
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.60
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.00
conviction 0.60
Neutral
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -1.00
conviction 0.00
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.40
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.80
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.40
conviction 0.30
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -0.40
conviction 0.40
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.80
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.40
conviction 0.50
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.00
conviction 0.50
Neutral
No commentary available.
outlook -1.00
conviction 0.60
Very bearish
No commentary available.
outlook -1.00
conviction 0.30
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.30
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.60
Bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.80
Very bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.60
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.70
Bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.00
conviction 0.60
Neutral
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.60
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.90
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.40
conviction 0.90
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.50
Bullish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.70
Very bullish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook +0.20
conviction 0.20
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.30
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.00
conviction 0.70
Neutral
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -0.40
conviction 0.50
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook +0.20
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook +0.40
conviction 0.80
Bullish
No commentary available.
outlook -1.00
conviction 0.70
Very bearish
No commentary available.
outlook +0.60
conviction 0.90
Very bullish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -0.40
conviction 0.80
Bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish
No commentary available.
outlook -0.40
conviction 0.70
Bearish
No commentary available.
outlook -1.00
conviction 0.50
Very bearish
No commentary available.
outlook -1.00
conviction 0.80
Very bearish