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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year economic expansion."
In their Q3 2025 letter, the Select Dividend Investment Team at Advisory Research argues that the global economy is in transition rather than stagflation. They highlight a shift from a seller's to a buyer's labor market and analyze how tariffs act as an anti-growth tax on earnings rather than an inflationary driver. The team strongly refutes the 'AI bubble' narrative, comparing current AI capital expenditures favorably to the late-1990s telecom boom, and positions generative AI as a transformative general-purpose technology. Ultimately, they express highly bullish views on Global equities, pointing to the supportive monetary easing by the Fed and massive fiscal stimulus programs launched by Germany, the European Union, and China.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Growth Outlook
Market outlook remains high conviction: Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Risk Appetite
Risk appetite posture is above average conviction: Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Forward Guidance
Forward guidance signal: Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Language Signal
Tone analysis indicates above average conviction language: Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
Time Horizon
Investment time horizon reflects a high conviction orientation. Advisory Research remains highly bullish on global equities, rejecting the AI bubble thesis and noting that global fiscal pivots and central bank rate cuts will support multi-year ...
