There is little doubt that something unprecedented is happening in the world of AI, corporate investment, and equity returns. While AI may reshape the global economy, the surrounding investment cycle is still governed by the same macroeconomic and sentiment-driven forces that have shaped previous technological innovation and expansion periods.

India has seen foreigners leaving the market for most of 2025. For this and other reasons, India has become one of the bigger shorts in our Systematic Global Macro Strategy’s equity portfolio

We have observed increasing volatility within our Systematic Global Macro (SGM) portfolio, partly driven by an increase in volatility in our equity positions.