The AI trade now touches nearly every corner of global equity markets, and for portfolio managers the question is not whether to participate but how much risk is the right amount. Global equity portfolio manager Paul Moroz uses Homer's Odyssey as a frame for thinking through the discipline that investment decisions require in this environment. He walks through the team's approach to memory semiconductors and the case of SK Hynix, examines what a wave of large IPOs means for capital allocation and cost of capital, and then turns to the harder question: when underexposure to AI and overconcentration in AI are both genuine risks, how do you decide which one to live with. Above all, he returns to a principle that has run through his recent work on the portfolio: staying balanced, diversifying across more names, and treating humility as a process requirement rather than a sentiment.

Canadian equity PM Mark Rutherford explains the gap between the domestic economy and the stock market, why a large weight in financials can represent more diversification rather than less, and with increasing concentration in indexes, he ends the conversation with a simple idea: knowing what you own matters more than ever.

In this episode, portfolio manager Steven Visscher covers how Mawer's balanced portfolios navigated 2025 and how they are positioned in 2026. With a war-driven energy shock on one side and an AI investment boom on the other, the market is pulling in two directions at once. Steven walks through what that means for asset mix, where the team is seeing signs of investor complacency, and why cracks in private credit could soon create a meaningful opportunity.

In this episode, Jeff Mo, U.S. mid-cap portfolio manager, explores a fundamental shift in how economies may grow over the next decade. He makes the case that after 25 years of intangible, internet-driven expansion, growth may increasingly depend on building physical things again: data centers, electrical infrastructure, factories, defense systems, satellites. Jeff walks through the forces driving this transition, from AI's voracious appetite for capital to geopolitical tensions reshaping supply chains and defense spending. The conversation examines how these macro themes connect to bottom-up stock selection, where the U.S. mid-cap team is finding opportunities today, and why maintaining inherent contradictions in the portfolio remains essential even as thematic investing dominates market behavior.
 

In this episode, Peter Lampert, international equity portfolio manager, examines the Middle East conflict and its implications for global markets. He walks through the portfolio's diversification strategy, explains the team's nearly 40-year history with Shell, and explores how a changing market backdrop has challenged traditional definitions of quality and why forward-looking analysis may matter more than historical patterns.

In this episode, Brian Carney, lead portfolio manager of the Mawer Global Credit Opportunities Strategy, examines a fixed income backdrop reshaped by geopolitical escalation, an energy shock, and sharply changing interest-rate expectations. He explains why higher benchmark yields and modestly wider spreads still leave many parts of credit looking expensive, where Mawer is finding more selective value through bottom-up research, and why the strategy remains tilted toward shorter-duration, higher-quality credit. The conversation also explores AI-related bond issuance from hyperscalers, signs of strain in leveraged finance and private credit, and what a more fragile lending environment could mean for investors.

In this episode, Institutional Portfolio Manager Kevin Minas and Investment Counsellor Stu Morrow examine the forces shaping markets in the first quarter of 2026. From the escalating conflict in the Middle East and its impact on oil, inflation, and growth to the broadening AI disruption across software and asset-light business models, they explore how investors can stay thoughtful in an increasingly complex environment. The conversation covers stagflation risks, bond market dynamics, the role of gold as a hedge, and the portfolio adjustments being made as quality businesses face new tests of durability in a changing world order.

Using March Madness as a frame, this piece explores a simple investing idea: compounding depends on survival. Businesses must endure economically, and investors must endure psychologically, especially when markets are slow to recognize progress.

In this episode, global equity portfolio manager Paul Moroz examines how investors can navigate a market increasingly shaped by conflict, shifting narratives, and wider ranges of possible outcomes. He begins with the recent escalation in the Middle East and the market’s relatively measured response, then considers the second-order effects that can matter just as much as the initial shock. The conversation also explores how recent AI-driven swings in software have revealed a market increasingly influenced by thematic flows and short-term sentiment, rather than the more measured process of weighing business fundamentals. 

AI’s biggest infrastructure builders (Alphabet, Amazon, Meta, Microsoft, and Oracle) are in the middle of one of the largest borrowing sprees in corporate history. They’re raising enormous sums to fund data centre buildouts, and they’re doing it in the public bond markets.

The obvious question is: can the AI-related borrowing binge actually break the bond market?

So far, the answer looks like “no,” but the early deals are starting to show where the pressure points might be.

For many investors, emerging markets still conjure a reductive caricature: low-income economies, recurring political crises, heavy-handed governments, and returns that haven’t lived up to the hype. While that picture isn’t entirely wrong, it’s materially incomplete. Over the past three decades, the emerging world has shifted from the periphery of the global economy to its fabric: supplying critical components to the AI supply chain, incubating globally competitive consumer platforms, and hosting a growing share of the world’s middle class.

In investing, some ideas age gracefully. The notion that data can be a source of competitive advantage is one of them. But as artificial intelligence (AI) and large language models (LLMs) reshape the landscape, and, in particular, as market sentiment has shifted violently over the past few weeks against asset-light, software-based businesses, it’s worth asking: what does a true “data moat” look like today…and is it still as defensible as it once was?