Beyond Big Tech: ETF managers look to international assets for diversification

Watch on YouTube ↗  |  April 27, 2026 at 22:18  |  6:33  |  CNBC
Speakers
Paisley Nardini — Managing Director and Portfolio Manager, Simplify
Mike Khouw — Chief Market Strategist, Fundstrat Global Advisors

Summary

Simplify Asset Management's Paisley Nardini and YieldMax's Mike Khouw discuss diversifying beyond Big Tech. Nardini favors international assets, commodities, and long-term bonds, while Khouw highlights specific holdings like Southern Copper, gold, silver miners, and Comfort Systems as non-correlated growth plays.

  • Paisley Nardini expects the dollar to weaken as Middle East tensions resolve, benefiting international assets.
  • She sees commodities and hard assets as underappreciated inflation hedges.
  • Nardini also recommends adding duration (long bonds) as a hedge against falling rates.
  • Mike Khouw owns Southern Copper, silver miners, and gold as a non-correlated sleeve.
  • Khouw highlights Comfort Systems (FIX) as an HVAC company with tech-like growth outside the AI trade.
  • Both speakers advocate moving away from concentrated mega-cap tech positions.
Ideas
Paisley Nardini Managing Director and Portfolio Manager, Simplify 0:58
International assets benefit from weaker dollar.
As Middle East geopolitical risks resolve, the dollar is likely to weaken, which will benefit international assets outside the US. This is a trade she is actively looking at for diversification.
IXUS MED
Paisley Nardini Managing Director and Portfolio Manager, Simplify 1:06
Commodities hedge sticky inflation.
Commodities and hard assets are underrepresented in portfolios and can better weather sticky inflation, making them a good diversifier in a higher-for-longer environment.
DBC MED
Mike Khouw Chief Market Strategist, Fundstrat Global Advisors 2:22
Copper, silver, gold as diversifiers.
Hard assets like Southern Copper, silver miners, and gold provide a non-correlated sleeve for portfolios, offering diversification away from the AI trade.
SIL SCCO GLD MED
Mike Khouw Chief Market Strategist, Fundstrat Global Advisors 2:56
Comfort Systems offers tech-like growth.
Comfort Systems (FIX) is a Texas-based HVAC company with comparable topline growth to tech stocks but in a completely different, uncorrelated industry, making it a compelling diversifier.
FIX HIGH
Paisley Nardini Managing Director and Portfolio Manager, Simplify 4:55
Add duration to hedge falling rates.
Adding duration (long-term bonds) is attractive now because the market is underpricing the risk of falling rates; the 10-year yield near 4.3-4.5% is a technical level to add duration as a hedge or a new risk position.
TLT MED
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This CNBC video, published April 27, 2026, features Paisley Nardini, Mike Khouw discussing IXUS, DBC, SIL, SCCO, GLD, FIX, TLT. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Paisley Nardini, Mike Khouw  · Tickers: IXUS, DBC, SIL, SCCO, GLD, FIX, TLT