ASX featured our global equities fund in March 2026, highlighting AI as a top investment theme among leading Australian fund managers. Our co-founder and portfolio manager, Armina Rosenberg, discussed how we're positioning our global equities strategies to capitalise on AI infrastructure opportunities beyond traditional semiconductors.
We believe the investment opportunity extends into critical components like computer memory, networking, data-centre capacity, power and cooling systems. As Armina explained:
Despite the headlines, we're still relatively early in the shift from 'AI excitement' to 'AI deployment at scale'. 2026 should see the AI infrastructure layer continue to deepen beyond headline GPUs (Graphics Processing Units) into memory, networking, data-centre capacity, power, cooling and enabling services.
Our equity research identifies a key risk in the capital expenditure-to-revenue conversion question facing hyperscalers investing heavily in AI. We're monitoring whether these enormous investments translate into durable earnings growth or become competed away through competitive pressures.
Our portfolio management approach emphasises identifying companies demonstrating tangible AI monetisation and genuine operational change that drives sustainable earnings growth, rather than relying on narrative alone. This focus helps us navigate this transformative technology cycle while managing the risks inherent in elevated valuations and uncertain returns. To read the article, click the link below.