Ideas
Diversify globally away from US concentration.
Global investors are structurally diversifying away from US concentration risk; renewed geopolitical unpredictability and recent dollar softness reinforce this gradual portfolio rebalancing. International markets can offer earnings growth as strong as the S&P 493 with generally better valuations, so non-US assets deserve a larger portfolio role.
Still favor tech despite concentration risk.
She continues to like technology, but acknowledges concentration risk in tech and sees room in portfolios for alternatives and global diversification. The view is a retained preference rather than a fresh incremental call.
Favor industrials with productivity gains.
Within the S&P 493, she favors industrials, especially subsectors that have adopted technology and are starting to show productivity gains; these are companies with stronger balance sheets and spending beneficiaries.
Financials have strong macro tailwinds.
Financials look good from a cyclical perspective because the macro backdrop is strong and fiscal and monetary policy provide positive tailwinds.
Tax refunds support consumer discretionary.
Consumer discretionary should benefit from tax refunds arriving in the first quarter, supporting spending and earnings.
Asia offers cheaper tech-led value.
Parts of Asia look more interesting on a relative valuation basis; if investors still like the AI/tech trade, Asian companies offer innovation and strong fundamentals but trade at cheaper valuations than the US. She also sees a strong fundamental outlook for China and the region.
China is compelling on property, stimulus.
China is compelling because the property market may be approaching a bottom, stimulus is starting to come through, export growth momentum remains strong, tech innovation is robust, and valuations are attractive relative to the US.
Japan attractive but watch yen, JGBs.
Japan remains supported by corporate governance reforms, focus on return on investment, and a reflation trade, while BOJ rate hikes could make the market more attractive. However, she flags bond-market and currency volatility and wants to see fiscal stimulus and a continued BOJ hiking schedule to avoid excessive JGB curve steepening.
Intel stays behind on technology.
Intel continues to suffer from technology missteps and remains well behind leaders such as TSMC; it will not grow revenue this year and has now disappointed with a lackluster outlook and manufacturing snags, frustrating hopes for a near-term comeback. The market is re-pricing the stock lower.
Kevin Mahn
Hennion & Walsh Asset Management President and Chief Investment Officer
25:13
Defense spending drives aerospace upside.
Defense and aerospace should benefit from large anticipated government spending; Trump has discussed raising the defense budget to $1.5 trillion in 2027, a 50% increase, supporting the pure-play defense trade.
Kevin Mahn
Hennion & Walsh Asset Management President and Chief Investment Officer
25:13
Infrastructure gains from anticipated spending.
Infrastructure is another area likely to outperform because large anticipated government spending programs are directed toward it.
Kevin Mahn
Hennion & Walsh Asset Management President and Chief Investment Officer
25:53
Pharma headwinds lift small biotech M&A.
Large-cap pharmaceuticals face drug-price pressure, major patent expirations, and reduced internal R&D, so they will need to acquire innovation. That creates takeover tailwinds for small-cap biotech; because individual biotech names are volatile, he recommends a diversified portfolio of 20-30 names with higher likelihood of being acquired.
Kevin Mahn
Hennion & Walsh Asset Management President and Chief Investment Officer
25:53
Pharma headwinds lift small biotech M&A.
Large-cap pharmaceuticals face drug-price pressure, major patent expirations, and reduced internal R&D, so they will need to acquire innovation. That creates takeover tailwinds for small-cap biotech; because individual biotech names are volatile, he recommends a diversified portfolio of 20-30 names with higher likelihood of being acquired.
Kevin Mahn
Hennion & Walsh Asset Management President and Chief Investment Officer
25:59
AI and storms drive power demand.
Power and power solutions are attractive because the AI revolution needs substantial electricity and the winter storm is highlighting near-term power demand and grid needs; alternative power solutions are needed to keep AI growth going while containing utility costs.
Kevin Mahn
Hennion & Walsh Asset Management President and Chief Investment Officer
27:55
Bull market continues but returns moderate.
The bull market should reach its four-year anniversary in October and stocks can still move higher, but 2026 will bring more short-term volatility and the indexes should not repeat the significant returns of the prior three years, so investors need to be more selective.
This Bloomberg Markets video, published January 23, 2026,
features Seema Shah, Neil Campling, Kevin Mahn
discussing non-US equities, XLK, XLI, XLF, XLY, AAXJ, FXI, EWJ, INTC, ITA, PAVE, Small-cap biotech, IHE, POWER, SPY.
15 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Seema Shah,
Neil Campling,
Kevin Mahn
· Tickers:
non-US equities,
XLK,
XLI,
XLF,
XLY,
AAXJ,
FXI,
EWJ,
INTC,
ITA,
PAVE,
Small-cap biotech,
IHE,
POWER,
SPY
