Partner's Anastasia Amoroso talks her top market sectors beyond AI

Watch on YouTube ↗  |  January 21, 2026 at 21:47  |  4:16  |  CNBC
Speakers
Anastasia Amoroso — iCapital

Summary

Anastasia Amoroso of Partners Group discusses her market outlook, arguing that investors should filter out geopolitical headlines and focus on earnings. She highlights homebuilders as an investable policy-driven theme, sees possible MBS support lowering mortgage rates, says the AI trade is still in early innings, and expects market broadening with the US consumer potentially leading. The transcript ends mid-sentence.

  • Geopolitical tensions are seen as likely to be resolved through negotiation rather than escalating into a trade war.
  • Earnings season is early but strong, with 78-79% of companies beating and a beat magnitude near 6%, potentially lifting earnings growth from 8% to 12%.
  • Homebuilders are highlighted as an investable theme as mortgage rates fall and the administration pushes housing affordability.
  • Policy tools such as Fannie/Freddie MBS purchases and possible QE twist or MBS reinvestments could lower mortgage rates further.
  • Anastasia Amoroso remains bullish on the AI trade, citing early adoption, tangible productivity, and cost savings.
  • She expects market broadening, with the US consumer potentially front and center amid cooling inflation categories like gasoline.
  • The transcript ends before the segment concludes.
Ideas
Anastasia Amoroso iCapital 1:16
Earnings beats could lift growth to 12%.
The earnings season is still early but strong: 78-79% of companies are surprising to the upside and beating earnings by close to 6%, so an 8% earnings growth number could become 12% if the same trajectory persists.
SPY MED
Anastasia Amoroso iCapital 1:47
Housing affordability push favors homebuilders.
Homebuilders are an attractive, investable theme for the rest of the year because housing affordability is becoming a top policy issue, mortgage rates have fallen from 8% to about 6.2% and may go lower, and the mortgage-to-income ratio has dropped to about 30%, approaching the 25% rent-to-income ratio. Additional policy efforts, including possible Fannie/Freddie MBS purchases and a QE twist or MBS reinvestments, could push mortgage rates lower and support housing activity.
ITB HIGH
Anastasia Amoroso iCapital 2:45
Policy may support MBS and lower rates.
Fannie and Freddie are likely to buy more securities, and the Fed or agencies could use a QE twist or MBS reinvestments to pressure mortgage rates lower; she thinks this may happen.
MBS MED
Anastasia Amoroso iCapital 3:39
AI trade remains early; adoption accelerating.
The artificial intelligence trade is far from over and is still in early innings. AI adoption is accelerating and the productivity gains and cost savings are tangible, so AI should remain a pillar for the market. Semiconductors, a key part of the AI trade, rebounded significantly.
AI-SECTOR SMH HIGH
Anastasia Amoroso iCapital 4:01
US consumer may lead market broadening.
The market is broadening, and the US consumer may be front and center this year. That view is supported by the improving housing market and by various categories of inflation, such as gasoline, coming down.
US Consumer MED
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This CNBC video, published January 21, 2026, features Anastasia Amoroso discussing SPY, ITB, MBS, AI-SECTOR, SMH, US Consumer. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Anastasia Amoroso  · Tickers: SPY, ITB, MBS, AI-SECTOR, SMH, US Consumer