This quarter, we will cover:

Iran war implications: We will explore how the conflict in Iran could reshape energy supply dynamics, geopolitical risk, and inflation trajectories across the globe. Particular attention will be paid to second‑order effects on global equities, not least those involved in water desalination, agriculture, and clean energy.

A new normal? While it’s hard to predict how the Middle East conflict will unfold, geopolitical tensions are likely to remain elevated – raising the question of how investors can position portfolios for a world defined by heightened trade and economic uncertainty.

Scarce resources, revisited: Scarce resources have never been so, well, scarce. As supply continues to tighten amid rising geopolitical fragmentation, we will explore how investors can gain exposure to a multi-thematic opportunity across several scarce resources, with unique Bloomberg analysis.

The ‘AI fear trade’: With AI uncertainty unleashing chaos across software and a host of other sectors in Q1, we will examine whether the market’s response to product announcements from firms like Anthropic has been justified. We believe it may have potentially created an opportunity across a number of quality firms caught in the crossfire, with certain cybersecurity stocks now trading at a P/E below that of the S&P 500¹.

Deciphering disruption: We will revisit historical examples of disruption. Using these case studies, we will help investors develop a framework to assess disruption – or lack thereof.

The global industrial renaissance: We will discuss the renewed strategic importance of industrials as infrastructure becomes a structural driver for multiple economies around the world. Additions to the energy grid, digitalisation, defence spending, and reshoring are converging into powerful trends that look set to unearth a potentially multi-decade investment opportunity, in our view.

Huge IPOs on horizon? The likes of OpenAI, Anthropic and SpaceX* are eyeing public listings in 2026. If these go ahead, this year could well be remembered as the year of the mega-IPO. We’ll explore the implications this could have across key themes like AI and data centres.