As summer draws to a close, the investment landscape looks markedly different from the one investors left behind. The quiet trading months didn’t suspend the forces reshaping portfolios – shifting rate expectations, resurgent geopolitical risk, and a market narrative still built on the AI capex cycle. Which developments were noise, and which mark a genuine shift into Q4?
We open with a macro overview – “Back to work, back to volatility: what summer changed for Q4” – where voices from Tikehau Capital Iberia, Schroders, Neuberger Berman, ECP Asset Management and Carmignac debate full valuations and rising dispersion, even as resilient earnings and AI infrastructure spending keep the picture constructive.
Our exclusive interview features Richard Rainback, Global Head of Fund & ETF Selection at EFG International, on active ETF growth, fee pressure, consolidation, and where he sees opportunity, including in AI.
We also revisit hedge funds in a market shaped by dispersion and less reliable equity-bond correlations, with UBP, Capital Y and iM Global Partner on how liquid alternatives are restoring genuine diversification.
A Special Insights section looks beyond the AI giants to the infrastructure behind them. Canaccord Wealth, EQ Investors, Alpha Bank and Moncrief Private Bank examine data centres, power grids and connectivity as a “picks and shovels” way into the AI boom.
Elsewhere, we ask whether China is nearing a genuine turning point or another false dawn, with Key Capital, Cusana Capital and Mediolanum weighing technological upgrading against property weakness and a hesitant consumer.
Our passive investing section turns to precious metals, once tethered to the monetary system and now a closely scrutinised asset class. Kepler Cheuvreux, Julius Baer, White Oak Management and Millennium TFI debate how large a strategic allocation should be.
Our opinion section considers how multi-asset and multi-manager solutions are becoming the default core holding, with Swisscanto Asset Management International, Logistable Ltd and LBP AM on what 2022 taught allocators about real diversification.
Finally, a personal note: Bernice Liu of Unio Wealth Management, Dirk Fischer of Patriarch Multi-Manager GmbH, Mark Dainty of BlueBox Asset Management and eToro’s Heloïse Greeff on the childhood ambitions that preceded their careers in finance.
From renewed volatility to China’s uncertain turning point and the case for gold, this edition offers a multidimensional view of the forces shaping portfolios as the year enters its final quarter.
We hope it provides valuable insights for navigating the opportunities, and uncertainties, of the months ahead.
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