Upgraded US equities due to concrete evidence of economic incentives to stop the war (ceasefire talks) and earnings upgrades painting an attractive valuation picture.

Also upgraded EM equities driven by Korea and Taiwan earnings upgrades.

Software had been penalized on AI disruption fears; we're seeing an unwind of that rotation. The bigger picture is hyperscaler capex forecast up 60% and monetization showing positive development.

Within AI, the US has an edge as its data center economics are more insulated from Middle East energy disruption than Europe/APAC.

It shows huge sentiment swings impacting near-term dynamics, but longer-term fundamentals of sustainable revenue/earnings will determine performance.

We focus on three AI stages (build-out, adoption, productivity) through baskets to be less influenced by wild narrative swings.

Sees a slightly softer dollar over the longer term, but it's a low-conviction view due to currency model limitations.

The dollar was a good hedge during the conflict escalation, unlike Treasuries or gold.

Selective in Chinese equities, broadly neutral. Likes AI, automation, green energy. Policy is supportive but structural challenges (aging, property) remain.

China has an energy advantage due to its mix, similar to the US versus Europe/developed Asia.