If brand value is image, reputation, and a track record of quality, the higher the price of the product, the more important that image is for pricing and profit. And the more susceptible to negative news which might affect that image.

Why are we engaging with companies on their supply chains? Their supply chains have unique and high-risk elements. These come into focus was we look at our larger engagement campaign on supply chains generally.

Artificial Intelligence agents are moving beyond assistance and into execution. The emergence of AI agents such as Claude Cowork has intensified a debate among investors: could parts of the SaaS ecosystem risk structural disintermediation?

The State of the Polarized Union

In a world where investors are constantly looking for more income opportunities and stability, subordinated bonds issued by banks and insurance companies constitute an interesting alternative.

Global activity proved resilient into the new year as policy uncertainty around US trade eased from late-2025 peaks and the IMF nudged world growth forecasts modestly higher. Within the euro area, Q4 growth accelerated, but January PMIs were mixed – manufacturing stabilised while services softened, pointing to a slight loss of momentum at the start of 2026.

European equities have remained in positive territory since our last Equity Committee, benefiting from diversification outside the US and improved macro signals. GDP growth accelerated in the final quarter of 2025.

The major US equity indices have gone nowhere. Since the late-October peak in Technology, the S&P 500 has moved sideways, masking what has in fact been a decisive rotation. Energy has rallied more than 20%, Materials close to 20%, and Consumer Staples well into double digits. Technology, by contrast, is down roughly 11% over the same period.