For the past several weeks, global markets have been gripped by the uncertainty surrounding the conflict in the Middle East. But with a temporary ceasefire underway and negotiations begun, the picture is starting to shift. Equity markets have staged a powerful rally, and interest rates have pulled back as fears of a prolonged energy shock begin to ease.

In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame look past the volatility to assess what the underlying economic data is actually telling investors and what it means for portfolio positioning from here.

They discuss:

• Diversified portfolios (spanning equities, infrastructure, natural resources, commodities and gold) effectively weathered recent turbulence, proving their worth during acute uncertainty.
• Market sentiment shifted from fear to optimism, but underlying economic fundamentals provide the most reliable signal.
• Economic indicators remain strong, supported by resilient consumer spending, 178k new jobs in March, expanding PMIs and rising durable goods orders.
• Capital expenditures in AI and utilities fuel optimism, with hyperscalers projected to spend $944B this year and utilities $1.5T over five years.
• Falling oil prices (down from $113 to $82) reduce stagflation risks and create room for yields to drop after a 40+ basis point rate hike.

If you'd like to talk through how current market conditions and portfolio diversification apply to your specific situation, please be in touch.

Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

For much of the past 15 years, emerging markets (EM) equities have been a difficult place to invest, marked by significant risk and limited returns relative to U.S. equities. But last year, EM outperformed U.S. equities by its largest margin in years.

In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame examine whether that shift signals something more durable.

While the conflict with Iran continues to cloud short-term decision-making, they step back to focus on what may be changing structurally in EM and what investors should watch going forward.

They discuss:

• Why emerging markets struggled for much of the past 15 years, and what's changed more recently, from weak global growth and China's slowdown to stronger balance sheets, improved profitability and better earnings momentum
• How the EM story is evolving beyond a China-led market to a broader mix of economies, particularly across Asia, including India, South Korea and Taiwan, which now make up the majority of the index
• What's driving earnings growth today, including the role of AI and the positioning of countries like South Korea and Taiwan in the global hardware supply chain
• Why valuations remain attractive, especially relative to U.S. equities, and what that could mean for forward-looking returns
• How the Iran conflict is affecting countries differently in the near term—and why the longer-term opportunity may still be intact despite short-term energy disruptions

Our team is continuously monitoring these developments and will share further updates as they become available. We encourage you to contact us directly to discuss how these considerations may apply to your portfolio.

Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

When the conflict with Iran first escalated, markets reacted with fear and uncertainty. A month later, the nature of the shock has changed. What began as a volatility event is evolving into an inflation event, and the data is starting to reflect this.

In this follow-up flash episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is again joined by Senior Investment Manager Sam Sudame to take stock of where things stand one month in and what it means for portfolio positioning.

They discuss:

• Why oil rising from $65 to $98 a barrel has pushed the Fed to revise its inflation forecast higher
• How yields moved 50 basis points in three weeks — and why bonds have not been the haven investors expected
• Why markets have shifted from pricing two rate cuts to a 50% probability of a hike
• Why energy stocks and natural resources have been the standout diversifiers
• What three possible outcomes for equities look like from here — and why the stalemate scenario may be the most underappreciated risk
• Why staying at target equity exposure remains the right call for long-term investors

Our team is continuously monitoring these developments and will share further insights as they become available. We encourage you to contact us directly to review how these market shifts may influence your specific portfolio strategy.

Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.