Jean Chia

China remains a very positive market despite underperformance this year. It provides exposure to the upstream AI supply chain and physical AI, plus new innovations in healthcare and renewables. The AI capex cycle will last years, and China benefits as a producer of components and commodities involved in that cycle. A potential stabilization in the property market would also help domestic consumption.

Samsung and TSMC are clear beneficiaries of the structural AI trend; any valuation normalization triggered by company-specific events (e.g., Samsung labor strike) creates buying opportunities for investors to add exposure or reduce concentration.

Upgrade US equities because Q1 earnings and guidance have positively surprised, the broader market (ex-magnificent 7) trades at attractive valuations, and the potential for an off-ramp in Iran could act as a catalyst; dispersion within the market offers opportunities.

Samsung and TSMC are clear beneficiaries of the structural AI trend; any valuation normalization triggered by company-specific events (e.g., Samsung labor strike) creates buying opportunities for investors to add exposure or reduce concentration.

Speaker stated they have "moved to an overweight in Asia ex-Japan" as a risk-management stance amid war uncertainty. The war introduces uncontrollable variables; a strategic overweight in Asia ex-Japan is a calibrated way to maintain risk exposure while managing headline volatility. LONG because it's a deliberate, strategic allocation shift towards the region for weathering the conflict, not a knee-jerk risk-off move. Prolonged war leading to severe global demand destruction, which would impact Asian exporters.

Speaker stated "Gold for us is a strategic asset that we would have in portfolios irregardless of where the near-term pricing goes," describing it as a "non-sovereign currency." In a complex environment with stagflation risks and US fiscal sustainability concerns, gold serves as a portfolio diversifier and a hedge against currency and sovereign risks. LONG as a strategic, non-tactical holding for diversification and its unique properties as an asset class during uncertainty. A rapid return to pre-war monetary policy normalization and a sharp rise in real rates could pressure gold.