”TOP 3 TAKEWAYS We do not observe signs of systemic risk in the credit markets currently. At this stage, tighter underwriting standards and healthy loan-to-value ratios, alongside Fed rate cuts, point to an expanding credit cycle rather than contraction. AI and efficiency are reshaping the productivity story – U.S. large caps are leading globally by doing more with less, while robotics and automation will be keys to the productivity story, particularly in Japan and China. Selectivity remains key – we maintain an overweight in quality largecaps, underweight in small-caps, and see gold and global diversification as resilient potential portfolio anchors amid volatility.”
Morten W. Langer
