Jun Bei Liu

Copper supply is heavily constrained (18 years to bring a new mine online), while demand from electrification and AI infrastructure keeps rising; this supply-demand imbalance supports a bullish copper view.

Artificial intelligence is changing the world, but picking ultimate winners is hard. Instead, invest in the entire AI supply chain—the 'pick and shovel' plays—because these companies are generating real earnings today and are direct beneficiaries of a massive 40% increase in AI investment projected for 2027. Returns from the supply chain are easier to capture than from expensive top AI names.

The companies building the AI infrastructure, such as chipmakers, engineers, and data centers, are the clear winners of the investment cycle with an ever-growing outlook and strong contract flow.

Strong demand combined with the difficulty of getting new mines off the ground creates a highly favorable setup for copper and precious metals.

China tech offers fantastic diversification from US AI infrastructure, with palpable government support driving advancements in areas like humanoid robotics.

China tech offers fantastic diversification from US AI infrastructure, with palpable government support driving advancements in areas like humanoid robotics.

The global healthcare sector has turned the corner by controlling costs and returning to growth at cheap valuations, offering excellent diversification away from AI disruption risks.

Macquarie Group is performing very well, with its core business well-positioned for ongoing volatility in global energy markets. The CEO transition is manageable and the incumbent is a good fit for the time being, while earnings are expected to remain very strong over the next 12 months.

Financials are benefiting from an unprecedented wave of activity, with major IPOs coming and investment banks seeing enormous pipelines in the U.S. and even in smaller markets like Australia over the next 12 months. The environment for financials is very strong as markets move past the Iran war energy shock.

The speaker stated they "look at Japanese equity very, very favorably" and that they are "well supported by real corporate earnings," preferring them over more volatile Korean equities. Japanese companies have demonstrated fundamental earnings strength. This, coupled with the recent market sell-off, presents a buying opportunity for a resilient asset within the region. LONG Japanese equities as a core regional holding due to supportive fundamentals and relative stability compared to other Asian markets. A severe global economic downturn that overwhelms corporate earnings resilience, or a dramatic, sustained surge in the yen hurting exporters.

The speaker said "the Chinese economy has really turned the corner," citing housing stabilization, real income growth, and that China is "somewhat insulated" from the global uncertainty related to Iran. A gradual, consumer-led recovery is underway. This foundational improvement, combined with attractive valuations after the sell-off, offers upside potential with a degree of insulation from immediate Middle East volatility. LONG Chinese equities based on a gradual economic recovery thesis and relative valuation opportunity. The domestic recovery stalls, or escalating U.S.-China trade tensions (e.g., tariff negotiations) disrupt the stability thesis.

Jun Bei Liu stated that energy equities, particularly refiners, haven't risen as much as actual energy prices and represent risk and reward upside. With energy prices elevated due to Middle East supply disruptions, energy equities are undervalued and likely to catch up as earnings improve or markets price in prolonged disruptions. Long position in the energy minerals sector to capture potential upside from higher energy prices and relative undervaluation. Rapid de-escalation in the Middle East reducing energy prices and equity premiums.

When asked if bullish on the tech trade in Asia, Jun Bei Liu responded "ABSOLUTELY," citing strong underlying underpinnings for earnings and growth prospects. Asian tech companies have resilient fundamentals that can withstand short-term market volatility from energy shocks, supporting continued growth. Long position in the technology services sector in Asia to benefit from sustained earnings growth and recovery in risk sentiment. Severe economic slowdown in Asia due to energy price shocks impacting consumer demand and corporate spending.