Quarterly Letter
9 min read | Our three-year anniversary led us to reflect on what has changed in equity markets since April 2021 and, importantly, where we might be headed. The technology sector continues to make headlines across global markets, contributing 2.3% of the MSCI EM Index’s 2.4% return (in USD) in the first quarter. Not a dinner or meeting seems to pass without mention of the most dominant trend du jour – artificial intelligence. We agree with consensus that tectonic shifts are underway, and a broad range of industries – from financials to health care to industrials – will see substantial benefits. But we also believe that an important element of how this will all unfold, and the breadth of companies poised to benefit, is widely underappreciated.
