AI Capex remains the dominant theme together with Central-bank policy driving risk appetite and factor rotations. While participants agree on the AI outlook, the future path of rates in US and Europe diverged in Q4 and the rate uncertainty makes participants more cautious. Equities saw continued dispersion tied to AI-linked winners and policy-sensitive laggards, with ongoing valuation debates around megacap technology.

Against that backdrop, the managers we met aligned their portfolios and processes for dispersion and catalyst-driven outcomes, rather than broad beta rally. Several managers emphasize technology/AI and semiconductors as structural themes. Related, power and infrastructure beneficiaries of the AI capex cycle feature prominently in portfolios.

All managers combine fundamental work with tactical trading around catalysts. Many implement their thesis via concentrated “best-ideas” long books with active hedging through single-name shorts, baskets, and derivatives, and with clearly defined gross/net exposure bands.

Healthcare strategies generally recovered in H2 2025 and are looking to a better 2026. These are research-intensive long/short strategies with an emphasis on biotech/pharma dispersion, event risk (e.g., clinical and regulatory outcomes), and selective hedging to manage tail outcomes and crowded exposures. Net exposures range from very low to meaningfully net long depending on mandate.