Asks about investment stance (cash vs stocks) given the prolonged conflict.
Anna
Maria Municchi
Positioning has been relatively neutral on equities with a preference for markets outside the US, and a relatively large amount of cash.
Asks if dislocation presents opportunities and where.
Anna
Maria Municchi
Reaction has been muted in equities, but significant in government bonds. The belly of the UK gilt curve presents opportunities.
Asks about corporate credit given tight spreads and private credit risks.
Lizzy
Maria Municchi
Credit spreads are not compensating enough for the risks in the environment.
Asks if Big Tech is becoming irresistible given earnings, or if insulated from geopolitics.
Lizzy
Maria Municchi
The AI story is not going to be completely insulated.