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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Advisory Research - Global Select Dividend. This analysis is provided for institutional research purposes only and is not investment advice.
"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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