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CIO Flash Notes · Michel Schiffelholz
Thematic Alpha AMC: A Dynamic and Resilient Strategy
15 June 2026
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Article7 days ago82 views
As renewed geopolitical tensions fuel inflation concerns while the technology, infrastructure and defence supercycle sustains robust earnings growth, markets are approaching a critical inflection point. With the earnings season now…
Article20 days ago157 views
We are relaunching our Key Calls series. This is a work in progress that will be updated and expanded. #1: Stay OW equities on robust earnings growth and the Tech, infrastructure, and defence supercycle. Global Tech delivered stellar…
Quarterly25 days ago204 views
The second quarter of 2026 will be remembered as one of an energy shock that peaked before receding. The conflict in Iran and the blockade of the Strait of Hormuz, which had shattered the “year of the oil surplus” scenario in March, drove…
Article29 days ago192 views
The most positive development in recent weeks has been the sharp decline in oil prices, with front-month Brent trading near $70/b as we go to press , a 40% drop over two months. This comes as a welcome boost for voters, with the US driving…
Article22 June 2026255 views
Despite a few skirmishes, the ceasefire between the United States and Iran is holding, with weekend talks in Switzerland reportedly yielding significant progress. Brent crude remains around or below $80/b and could ease towards $70/b over…
Article15 June 2026206 views
The U.S. and Iran have reportedly agreed to extend the ceasefire and reopen the Strait of Hormuz, another in a long series of “almost-there” deals (more than 38, according to CNN). As before, key issues appear to have been deferred. What…
Article8 June 2026240 views
The future is now. Space exploration has inspired generations, and Elon Musk embodies that enduring sense of childlike wonder. In this spirit, the title of our report draws on Kubrick’s visionary sci‑fi epic, which, as early as 1968,…
Article1 June 2026246 views
Crude oil prices have experienced a sharp correction in recent weeks. The nearly 20% decline in May occurred amid a rising probability of an extension to the US–Iran ceasefire, which could allow negotiations to continue on key issues,…
Article26 May 2026287 views
In recent weeks, markets have been driven by significant back-and-forth on the likelihood of a deal between the US and Iran. As we go to press, the probability of an agreement has increased, oil prices have eased, and this is supporting…
Article20 May 2026293 views
The Covid-19 pandemic exposed a vulnerability Europe had preferred to ignore: its structural dependence on external suppliers for essential medicines, medical equipment, and agricultural inputs. Since then, geopolitical tensions have only…
Article18 May 2026270 views
The robust earnings season shifted investors’ focus away from geopolitics and back toward corporate fundamentals. However, the situation in Hormuz remains unresolved, and investor patience is starting to wear thin. The US blockade was…
Article11 May 2026281 views
We have been travelling over recent days and apologise for the irregular publication schedule of this weekly report. That said, client discussions often provide valuable inspiration. This edition, therefore, focuses on one of the market’s…
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