News & Insight

Late last year, we highlighted how global equity indices had become highly concentrated, with US equities tied to the Artificial Intelligence (AI) theme increasingly dominant. Since then, rather than easing, index concentration has intensified.

30 July 2026

/by Colin Gellatly

Investment Update Irrational Exuberance, Pt.III: Ten Industrial Revolutions in One

In this note, we return to the artificial intelligence gold rush that has – amid sporadic bouts of volatility – continued to fuel global equity market gains through the first half of this year.

14 July 2026

/by Ben Jordan

Heron’s Eye View – Cracks Widening in the Private Credit Market

Until recently, private credit – a purportedly new asset class – has been one of Wall Street’s fastest growing investment products. Though supposedly a new asset class, we suspect there is less to private credit than meets the eye.

23 March 2026

/by Colin Gellatly

Heron’s Eye View – Iran Update

While there are undoubtedly more fundamental questions to answer in light of President Trump's decision to bombard Iran our job is to consider the implications for financial markets and to ask how investors should best respond.

5 March 2026

/by Colin Gellatly

Heron’s Eye View – Everything, Everywhere, All At Once

Individually, each of this week’s developments poses a threat to investors. However, the common underlying cause suggests to us that it is more likely that the apparently disparate vulnerabilities erupt in everything, everywhere, all at once.

6 February 2026