Global Equity Observer

In the latest Global Equity Observer video, the International Equity Team explores why cybersecurity matters for companies and investors alike — and where they see both risks and opportunities.

The consumer industry has been transformed by greater transparency, digital distribution and lower barriers to entry. Now, AI looks set to accelerate these trends. While it may unlock efficiency gains, it could also challenge traditional brand power and intensify competition. Which companies are best positioned to adapt? The International Equity Team examines how AI may reshape the next phase of consumer markets.

Global equity markets started 2026 on a strong footing before geopolitical tensions and sharp rises in oil prices triggered renewed volatility. At the same time, shifting narratives around AI and market leadership are driving significant rotation across sectors. How should investors interpret these crosscurrents? The International Equity Team examines the implications for portfolio positioning.

I mercati azionari globali hanno iniziato il 2026 su una nota molto positiva, ma le tensioni geopolitiche e il forte aumento dei prezzi del petrolio hanno poi innescato una nuova ondata di volatilità. Allo stesso tempo, un cambio di prospettiva sull’intelligenza artificiale e sulla leadership di mercato ha dato il via a una significativa rotazione settoriale. Come gli investitori dovrebbero interpretare queste dinamiche contrastanti? Il team International Equity analizza le implicazioni per il posizionamento del portafoglio.

Gli attacchi informatici stanno diventando sempre più frequenti, sofisticati e costosi, man mano che la digitalizzazione accelera e l’intelligenza artificiale ridefinisce il panorama delle minacce. Per le aziende di tutti i settori, la resilienza informatica è ormai una priorità centrale nella gestione dei rischi. Come possono gli investitori valutare se le società sono preparate? Il team International Equity approfondisce gli ultimi sviluppi nel panorama della sicurezza informatica ed esamina il modello utilizzato per valutare il livello di preparazione delle imprese.

Cyber attacks are becoming more frequent, sophisticated and costly as digitalisation accelerates and AI reshapes the threat landscape. For companies across sectors, cyber resilience is now a core risk management priority. How can investors assess whether companies are prepared? The International Equity Team explores the evolving cybersecurity landscape and the framework it uses to evaluate corporate preparedness.

Agentic commerce is transforming online shopping from search-based browsing to AI driven decision-making. In this overview, the International Equity team explains how AI agents are reshaping product discovery, purchasing, and the economics of the digital commerce ecosystem. Watch to find out more.

Nel breve termine, è probabile che il commercio agentico determini un’evoluzione più che una repentina rivoluzione, ma la direzione in cui sta puntando è chiara. Quindi, quali sono i presupposti necessari per avere una diffusione su grande scala del commercio agentico? E sotto quali aspetti l’avanzata del commercio agentico può mettere in discussione o ribaltare lo status quo?

In the near-term, agentic commerce is likely to be evolutionary rather than cause overnight disruption, but the direction of travel is clear. So what needs to be in place for agentic commerce to scale? And where might the advance of agentic commerce challenge or upend the status quo?

In passato i periodi di sottoperformance della qualità sono stati seguiti da una significativa rinascita relativa dei titoli di qualità, che conferma la nostra tesi secondo cui la qualità offre attualmente una delle migliori opportunità.

Historically, periods of quality underperformance have been followed by a meaningful relative resurgence in quality stocks, which contributes to our view that quality offers one of the greatest opportunities in markets today.

Nella nostra relazione intitolata “When every data business as a target” (Quando ogni azienda che si occupa di dati diventa un obiettivo) abbiamo valutato l’impatto dell’IA avanzata sui servizi di informazione finanziaria. Questo mese esaminiamo le nicchie di alta qualità nel settore industriale, in particolare le nostre posizioni nei servizi professionali. Secondo quanto emerge dalla nostra analisi, queste aziende molto diverse dovrebbero continuare ad avere elevate barriere all’ingresso e, in molti casi, stanno già sfruttando le opportunità offerte dell’IA avanzata.

In “When every data business looks like a target” we assessed the impact of Advanced AI on Financial Information Services. This month we look at high quality niches within the Industrials sector, particularly our Professional Services holdings. Our analysis suggests that these very different businesses should continue to have high barriers to entry and, in many instances, have already been embracing the Advanced AI opportunity.

At the time of writing, the sell-off in financial information companies has been swift and indiscriminate, reflecting a growing fear that Advanced AI could erode these companies’ competitive advantages. We believe financial information services are not easily replicated, with moats built on several interlocking defences including data ownership, the ecosystem effect and their integration into client workflows. Advanced AI, rather than undermining incumbents, may ultimately strengthen them.

We see a tug of war within markets, between the bull argument that AI will be visibly transformational to corporate profitability in the near term and/or the U.S. economy sharply accelerates, and the bear argument where these high expectations are not met. The International Equity Team discusses.

As geopolitical tensions threaten the cohesion of the global economy, building more resilient supply chains has become a strategic imperative. The International Equity Team explains why they consider supply chain resilience to increasingly be a marker of operational excellence, pricing power, and strategic foresight—hallmarks of the quality companies they favour.

Le tensioni geopolitiche minacciano la tenuta dell’economia globale. Ecco perché la creazione di filiere produttive più resilienti è diventata una necessità strategica imprescindibile. Il team International Equity spiega perché ritiene che la resilienza della filiera produttiva stia diventando sempre più un indicatore dell’eccellenza operativa, del potere di determinazione dei prezzi e della lungimiranza strategica, ossia tratti distintivi delle società di qualità che il team predilige.

Innovation protects the moat around existing competitive advantage, supports product development, and enables the creation of brand-new sources of value. Company leaderships that nurture an environment of innovation embed creativity, continuous improvement and calculated risk-taking into the fabric of everyday work. The International Equity Team explains why they value a culture of innovation in the high quality companies they invest in.

Despite the improvement in the environment since early April, the current euphoric atmosphere, with stretched valuations and record retail inflows, seems tough to justify given the modest growth outlook and multiple sources of uncertainty. As Bruno Paulson explains, we see a sharp disconnect between the state of the markets and the state of the real world.

Fundamental equity investing is the art of dealing in uncertainty. It involves forming a view on the earnings trajectory of a company, analysing its prospects for growth, understanding the strength of its competitive moats, and assessing potential risks to the sustainability of its returns – whether self-inflicted or external. It is an art rather than a precise science; only some of these risks can be quantified with others firmly in the Knightian uncertainty camp.