1. Featured insight

The Friction Test: What the market gets wrong about AI disruption

It has been a difficult period for the fund. At the time of writing, a number of our holdings are being challenged by an increasingly narrow view of where durable value creation will sit in an artificial intelligence (AI)-driven world.

  • 8 mins

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Latest insights

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China’s innovation revolution

For centuries, Chinese ingenuity reshaped the world. Inventions such as paper, gunpowder, silk, porcelain and the magnetic compass transformed global trade, science and culture. Today, that spirit of innovation is evident in China’s rapid progress in next-generation technologies, from autonomous vehicles to renewable energy and artificial intelligence (AI).
  • Article
  • 6 mins

Defence vs. offence

The post-Cold War order is fading, giving way to a more friction prone, multipolar world. We outline what this means for portfolios, our defence exclusions, and how we’re positioned for quality and resilience.
  • Article
  • 4 mins
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Beyond the AI rally

Asian equities have staged a robust rally in 2025. Yet beneath the headline figure lies a narrow driver of performance.
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  • 8 mins
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Emerging markets’ silent resilience

In an interview with Asset TV, Angus Sandison explains why emerging markets are far from irrelevant. Trading mostly with each other, they can foster resilience and homegrown success.
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  • 3 mins
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On AI: the Age of Extremes

Extreme views dominate today’s market narrative - especially around AI. While some foresee an imminent singularity, others warn of a bubble. We believe both may be partially right. AI is real and will shape entire industries, but the investable outcomes are likely more modest and diffuse than headlines suggest.
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  • 6 mins
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The biggest competitive advantage an investor can have is time

In the 1960s, the average holding period for a stock was over eight years. Today, it’s less than six months. But with less time in the market, the narrow band of return dispersion means that many investors end up tracking the index, not beating it.
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  • 6 mins
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China update: Domestic revival gaining traction despite external headwinds

Investors started to turn more positive towards China after the government stepped up support for the economy last September. Domestic developments in artificial intelligence (AI) had also helped to boost market sentiment. But in recent weeks, global markets – including China equities – have been upended with chaotic announcements from the US about trade tariffs on goods imports from around the globe.
  • Article
  • 8 mins