Ann Miletti

She still sees a lot of opportunity in emerging markets as part of a large global opportunity set, consistent with the portfolio's shift down cap.

She favors industrials, especially small/mid-cap industrials, because they sit at the intersection of AI-driven efficiency spending and the global realignment of supply chains; the sector has been a winner this year and smaller-cap industrials offer better multiples and more opportunity.

Equities keep climbing because earnings growth is very strong, driving the market; multiples have compressed as earnings rise faster than prices; the innovation cycle is real and underpins fundamentals, so it is dangerous to fight earnings.

Technology stocks have seen multiple point contractions but still have good earnings and free cash flow growth. Ann Miletti states the sector is "acting like the new defense sector" and looks more attractive to investors. The AI innovation and capex spending cycle shows no signs of slowing, supported by government incentives. The sector's resilience and growth profile are attracting capital amid geopolitical uncertainty. Attractive valuation entry point after a sell-off, with structural growth drivers intact, warranting an overweight or long position. Geopolitically-driven supply chain disruptions (e.g., helium for semiconductors) could impact production and costs.