A few months ago, we wrote an article discussing the state of the semiconductor cycle. In that piece, we argued that the cycle had been driven almost entirely by AI, while outside of AI the broader cyclical recovery remained anaemic. Looking across the different parts of the industry, we believed the recovery would continue, supported by ongoing AI build-out as well as improving conditions in more mainstream segments such as smartphones, personal computers, industrial equipment and automotive applications. We also argued that the semiconductor equipment space was set to participate in that cyclical recovery.

The recent market environment has been shaped by geopolitical tensions, sector rotations and shifting growth expectations. As a result, global equity strategies with a growth bias have experienced a more challenging period in terms of relative performance. However, the current environment may create a combination of structural growth and more attractive valuations. We take a short look at how our DPAM B Equities NEWGEMS Sustainable actively managed fund has fared and discuss our perspective on its outlook.

Cosa succede quando conflitti lontani dall’Europa finiscono per generare attacchi sul continente e minacciare cittadini europei, difesa, aziende e catene di approvvigionamento? Con l’attacco di droni dell’Iran contro una base britannica a Cipro, la recente escalation dimostra che l’Europa può diventare un bersaglio e che la sua presenza economica all’estero comporta implicazioni dirette per la sicurezza. Con l’aumento e la diffusione delle tensioni geopolitiche, la difesa continua a collocarsi sempre più al centro dell’agenda strategica europea.