The Need for a New Portfolio Approach

This report advocates for a Total Portfolio Approach (TPA) that prioritizes underlying exposures over traditional asset class labels. It emphasizes navigating current market volatility—driven by AI and supply shocks—through frequent, scenario-based strategic reassessments.

Key Takeaways

• 1.Investors should build portfolios around exposures and thematic convictions rather than traditional asset class labels to navigate today's mega forces.
• 2.Artificial Intelligence is a primary driver of market transformation, necessitating a move toward scenario-based portfolio construction.
• 3.Macro anchors like stable inflation expectations are lost, requiring more frequent updates to structural portfolio calls.

Table of Contents

• Weekly commentary
• Looking through labels
• Market backdrop
• Assets in review
• Week ahead
• Big calls
• Tracking five mega forces
• Granular views

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