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The Gap Between Aspirations and Investment Decisions: Where It Is Born and How to Overcome It

Investors are clear about what they want, but their decisions are not always aligned. For Fidelity International, this disconnect—which they call “the gap between aspirations and actions”—is a persistent feature of investor behavior.

According to its global survey “Be Invested 2026,” which polled 13,000 investors across 13 markets worldwide, many investors may not be taking the necessary steps to achieve their long-term financial goals.

In the view of Samantha Ricciardi, Head of Europe, Middle East, and Africa (EMEA) at Fidelity, and Damien Mooney, Head of Asia-Pacific ex-Japan, this reality manifests in several ways:

“Investors aspire to achieve high long-term returns, yet they keep a considerable percentage of their wealth in cash. They are aware of the importance of staying invested, but they continue to react to short-term market movements. Although they express confidence in their decisions, they do not always feel fully prepared to put them into practice. Even with more tools, more information, and greater access than ever, it is not always easy to stay on course toward long-term goals.”

The Root of the Gap

Both leaders warn that the implications of this gap are very real. Over time, small deviations can compound and lead to substantially different outcomes, especially concerning long-term milestones like retirement.

The Cash Drag: Globally, investors aspire to an average annual return of 7.9% over the long term, yet cash represents an average of 22% of their investment portfolios.
The Cost of Inaction: According to Fidelity’s analysis, moving out of excess cash can generate a considerable performance improvement of up to 3 annualized percentage points over a 10-year horizon.
Behavioral Hurdles: When volatility hits the markets, many investors pause or exit entirely rather than staying invested. Additionally, complexity remains a major barrier, leaving investors feeling overwhelmed and searching for clearer, trustworthy guidance.

How to Close the Gap

For the asset manager, the encouraging news is that significant progress can be made through small, deliberate adjustments:

Reduce Excess Liquidity: Moving idle cash into diversified, long-term market assets is the most direct way to capture missed returns.
Mitigate Home Bias: Avoiding over-concentration in one’s domestic market broadens the opportunity set, raises return potential, lowers overall portfolio volatility, and protects against localized capital losses.
Leverage Professional Advice: The survey reveals that investors who work with a financial advisor show greater confidence in reaching their long-term goals and are more comfortable taking calculated risks.

Ultimately, turning long-term aspirations into disciplined investing behavior relies on harmonizing costs, incentives, and portfolio construction to ensure that risk-taking is fully aligned with the investor’s ultimate objectives.

Which Assets to Favor in a World of Persistent Inflation?: The View of M&G

| By Amaya Uriarte | 0 Comentarios

Photo courtesyFrom left to right: Andrew Chorlton, CIO of Fixed Income at M&G Investments; Fabiana Fedeli, CIO of Equities, Multi-Asset, and Sustainability; and Emmanuel Deblanc, CIO of Private Markets.

The market has entered a new phase of the cycle in which inflation will continue to shape monetary policies and the behavior of risk assets, while forcing many of the traditional rules of investing to be put under review. This is the main conclusion reached by the CIOs of Fixed Income, Equities, Multi-Asset and ESG, and Private Markets of M&G Investments, during a panel titled CIOs Investment Perspectives: Navigating the Aftershock- is inflation Back? recently organized by the firm for international journalists at its London headquarters.

Although risk assets have continued to show strength and fixed income has resisted better than in previous episodes of inflationary stress, M&G’s CIOs argued that investors must adapt to an environment characterized by higher interest rates for longer, structural changes in the economy, and new sources of risk stemming from geopolitics, public debt, and artificial intelligence. In this context, Gautam Samarth, multi-asset fund manager and panel moderator, highlighted that sharp dispersion within equities has heavily influenced investor results, while underlining the main change of the year as the sharp reset of interest rate expectations, following a period in which markets went from anticipating cuts to assuming that central banks will maintain a much more restrictive stance.

M&G’s Vision on Fixed Income

For Andrew Chorlton, CIO of Fixed Income, persistent inflation remains the dominant factor in understanding market behavior. He recalled that, five years after the end of the pandemic and following the impact of the invasion of Ukraine, “developed economies have still not managed to fully control inflationary pressures.” In his view, markets have made the same mistake for four consecutive years by taking the Federal Reserve’s interest rate expectations as a proxy for the rest of the world, and being disappointed each and every time due to starting the years with overly optimistic forecasts.

The Fixed Income CIO draws two readings from this behavior. On one hand, the idea that “investors want rates to be lower because that is supportive and good for everything, without recognizing that we are still in the middle of a battle against inflation.” On the other, that after the experience of 2022, controlling inflation has become “very personal” for central bankers, in the sense that they are not willing to “make the same mistake twice.” Chorlton pointed to Kevin Warsh, the new Chairman of the Fed, as an example; before taking office, Warsh maintained a stance more inclined toward lowering interest rates, but has now realized that “it is his reputation on the line,” adopting “a clear focus on fighting inflation.”

In any case, Chorlton believes that the performance of fixed income has been reasonably solid. Compared to the sharp adjustment experienced in 2022, an exercise that was practically flat in an environment marked by volatility, geopolitical tensions, and inflation “cannot be described as a bad result,” he stated. Furthermore, he argued that the government bond market currently offers a much more attractive starting point thanks to the existence of positive real yields.

His view is more cautious regarding corporate credit. In his opinion, spreads price in an excessively benign scenario, based solely on the continuity of the current context and low default levels. In contrast, the rates market already incorporates a large portion of known risks—inflation, fiscal policy, or political uncertainty—which is why he believes the risk-reward relationship is currently more favorable in sovereign bonds than in credit.

New Rules for Investing in Equities

For her part, Fabiana Fedeli, CIO of Equities, Multi-Asset, and Sustainability, argued that many of the traditional rules used for decades to analyze the stock market have stopped working. In her view, investors remain too constrained by the classic distinction between long and short-duration assets, when the market currently pays much closer attention to business fundamentals and major structural trends like artificial intelligence.

Fedeli recalled that just two years ago, there was a broad consensus that a higher-for-longer rate scenario should especially hurt tech companies, given they are long-duration businesses. However, the exact opposite happened. “The rule-of-thumb rules we all learned said that should not have happened, because high rates should have caused a bloodbath in long-duration tech, and that didn’t happen; in fact, it has continued not to happen,” she noted.

Fedeli believes the rise of artificial intelligence has profoundly changed the way the market values companies, and she believes the impact of higher financing costs will still take time to transfer to the companies leading this technological revolution. While she acknowledges that a time will come when the high investments required to develop AI will force many companies to turn to debt markets more intensively, she believes that point has not yet arrived.

However, she does identify macroeconomic risks that, in her view, the stock market still undervalues. Among them, she highlights the possibility that energy prices remain elevated for longer as a result of investment needs in energy security, infrastructure reconstruction, and inventory rebuilding. This scenario could end up weakening aggregate demand and affecting corporate earnings in certain sectors, though not uniformly. Therefore, she stressed the importance of maintaining long-term investment horizons and avoiding hasty decisions driven by concerns that may take years to materialize.

Inflation Protection: Key for Private Markets

The analysis by Emmanuel Deblanc, CIO of Private Markets, focused on the structural changes transforming investors’ perception of risk. In his view, the conversation around inflation has evolved significantly and now incorporates factors that until recently were barely taken into account, such as geopolitics, the sustainability of public finances, or potential regulatory and tax changes resulting from the growing debt of sovereign states.

Even so, Deblanc believes that “the value of having strategies and assets that provide protection against inflation has probably been undervalued and continues to be undervalued.” In his opinion, investors tend to associate these instruments solely with high-inflation scenarios, whereas they can also play a relevant role if, after an inflationary period, the economy enters a phase of disinflation or even deflation. What is truly important, he argues, is having assets capable of preserving purchasing power in highly changeable macroeconomic environments.

Another major debate raised by Deblanc revolves around the very concept of a risk-free asset. The executive questioned whether US government debt can continue to be considered the indisputable benchmark for global investors, especially in a context of high fiscal deficits and a sustained increase in public debt in economies like the United States or France. As he explained, inflation constitutes a way to erode the value of a currency without needing to incur a formal default, which forces a rethink of whether sovereign debt remains the appropriate benchmark for pricing the risk of all other assets.

Furthermore, he warned that governments’ tax collection capacity will increasingly become a determining factor in assessing investment risk. Rising tax and regulatory pressure could particularly affect regulated sectors, such as water or electricity, while differences between jurisdictions will tend to widen as some countries face greater difficulties handling the deterioration of their public accounts. In this new context, he concluded, understanding the risks associated with inflation, regulation, and fiscal sustainability will be just as important as analyzing traditional asset valuations.

Bitcoin Matures: Lower Liquid Supply and Growing Institutional Dominance Redefine Its Cycle

| By Amaya Uriarte | 0 Comentarios

Bitcoin has come a long way from the famous purchase of two pizzas for 10,000 BTC made by Laszlo Hanyecz in May 2010 to its current consolidation as a global asset. According to the latest Binance Research report, which analyzes its evolution over its 16-year history from a functional, behavioral, and structural perspective, the cryptocurrency is increasingly integrated into institutional portfolios.

The report highlights a structural contraction of the liquid supply. The proportion of Bitcoin held by long-term holders has risen from around 30% in 2013 to approximately 60% today, recording the largest increases during market bear periods, which points to a dynamic of accumulation rather than capitulation. In addition, nearly 25% of the Bitcoin supply has remained inactive for more than five years, suggesting that the volume actually available for trading is materially lower than what the circulating supply reflects.

Institutional participation has become one of the defining features of the current cycle. Institutional entities currently own around 3.88 million BTC, equivalent to 18.5% of Bitcoin’s fixed supply of 21 million, while public companies and ETFs each account for close to 6% of the total. Excluding positions linked to DeFi and other protocols, the estimated institutional holding stands at around 3.5 million BTC, equivalent to about 1 in every 6 BTC. This marks the first cycle in which the marginal buyer is increasingly institutional rather than retail. Furthermore, nearly half of corporate Bitcoin accumulation has occurred over the last 12 months.

Meanwhile, spot Bitcoin ETFs in the US already accumulate close to 1.62 million BTC, a figure higher than the remaining Bitcoin left to be mined, highlighting the growing weight of flows into ETFs, the adoption of Bitcoin as a corporate treasury asset, and the behavior of long-term holders compared to mining issuance.

Likewise, volatility trends reflect greater market maturity. The 90-day realized volatility dropped to approximately 29% by the end of 2025, its lowest level in nearly a decade, while the average volatility of the cycle has moderated to around 48%, compared to 74% and 76% recorded in the two previous cycles. Bitcoin’s market capitalization has also increased to represent approximately 5% of the total market capitalization of gold, compared to virtually zero levels in 2010, with particularly significant advances following the launch of spot Bitcoin ETFs in the US in January 2024.

The report also notes that emerging markets are driving the next phase of Bitcoin adoption. The APAC region recorded 31% year-on-year growth in the number of Binance users, followed by Latin America at 29%, and MENA at 26%. Collectively, the share of Binance users in emerging markets holding BTC reached 58% in 2026, a 29% year-on-year growth, well above the 18% growth observed in developed markets. Bitcoin’s sustained profitability against major emerging market currencies over the past 13 years has favored greater adoption in these regions.

According to Javier García de la Torre, Director of Binance for Spain and Portugal, “Bitcoin is entering a new stage of maturity, marked by a lower liquid supply, growing institutional participation, and an increasingly relevant role as a reserve asset. What a few years ago was perceived as an experimental asset is today consolidating as a strategic diversification tool for companies and institutional investors.”

Vanguard Names Rachel Baxter Head of Investment Management for Europe

| By Amaya Uriarte | 0 Comentarios

Vanguard has announced the appointment of Rachel Baxter as Head of Investment Management for Europe. According to Vanguard, in this role, Rachel will oversee the investment management of the European business, encompassing portfolio management, investment analysis, capital markets, and trading, as well as leading the European fixed income indexing team. Vanguard’s investment management team in Europe is responsible for overseeing approximately $615 billion in assets domiciled in the UK and Europe.

Based in London, Rachel succeeds Geoff Parish, who is returning to the United States as global head of fixed income indexing. Rachel brings extensive experience in portfolio management, having previously held the position of co-head of the US fixed income indexing team, where she assumed senior leadership responsibilities over a broad, multidisciplinary portfolio overseeing more than $1.4 trillion in assets under management across mutual funds, ETFs, and funds of funds.

Prior to that, she was a portfolio manager on Vanguard’s global fixed income indexing team and has held roles in areas such as global fixed income investment strategy, portfolio construction, and European credit analysis. Jon Cleborne, Head of Vanguard Europe, commented: “Vanguard has developed a significant international investment offering, in which Europe and the UK play an increasingly relevant role within our global portfolio management, trading, and analysis capabilities. We see significant opportunities ahead and will continue to invest in the products, expertise, and infrastructure necessary to support strong, sustainable, long-term outcomes for our clients.”

“Rachel is exceptionally well-positioned to lead the next stage of our development in Europe. She brings a rare combination of investment experience, leadership capability, and a deep understanding of our clients’ needs,” Cleborne concluded.

Sovereign Wealth Funds Surpass 15 Trillion Dollars in Assets

| By Amaya Uriarte | 0 Comentarios

Sovereign wealth funds continue to consolidate their prominence in private markets. According to the Sovereign Wealth Funds Report 2026, prepared by the Center for the Governance of Change at IE University in collaboration with ICEX-Invest in Spain, these vehicles now manage 15.1 trillion dollars in assets globally, compared to 13.2 trillion recorded in the previous edition, representing a 14% increase.

The report, which analyzes the activity of these investors between July 2024 and December 2025, identifies a universe of 109 sovereign wealth funds, five more than in the previous edition. The growth reflects both portfolio revaluation and the creation of new vehicles, particularly in Asia, Europe, and the Middle East.

Beyond asset growth, the study reflects a shift in how these actors invest. During the analyzed period, they participated in 391 direct investment transactions, 17% fewer than in the preceding report. However, the aggregate volume rose to 404 billion dollars, a 91% increase, demonstrating a clear commitment to larger and more transformative operations. “The report shows more concentrated capital: fewer transactions, more impact. Sovereign funds lead most transactions valued at over 1 billion dollars, proving execution capacity,” noted Javier Capapé, editor of the report and director of Sovereign Wealth Research at IE University, during the presentation held at the ICEX headquarters in Madrid.

According to Capapé, the creation of twelve new funds confirms that these vehicles have become a tool for governments to face a more fragmented and less efficient global economy, reinforcing the resilience and strategic autonomy of their countries. The expert also highlighted that investments linked to artificial intelligence now represent one out of every three dollars of the total value of transactions in which sovereign funds participated during the analyzed period.

The CEO of ICEX, Elisa Carbonell, stressed during the presentation that sovereign wealth funds have consolidated themselves as “one of the great actors in international investment” and constitute a source of strategic capital for business growth. In her view, the report provides a better understanding of their investment strategies and facilitates the identification of capital raising opportunities, while confirming the growing interest of these investors in Spain.

Fewer Transactions, but Larger in Scale

The shift in strategy is also reflected in the main transactions closed during the study period. Notable among them are the support from Saudi Arabia’s Public Investment Fund (PIF) for the acquisition of Electronic Arts, valued at 55 billion dollars; the financing of Anthropic, led by QIA (Qatar) and GIC (Singapore), totaling 13 billion dollars; the reorganization of TikTok in the United States with the backing of the Emirati tech fund MGX, supported by Mubadala; and several investments in European energy infrastructure driven by funds from Norwary and Singapore.

The report concludes that sovereign wealth funds have moved from playing a secondary role in private markets to becoming the primary drivers behind many large international operations.

Private Markets Consolidate Sovereign Funds as Reference Investors

The study confirms that these vehicles act increasingly as strategic partners in global private markets. In more than half of transactions exceeding 1 billion dollars, they participate as lead investors, replacing the role they traditionally played as minority co-investors.

Another trend identified by the report is the growing commitment to artificial intelligence and technologies linked to digitalization. Gulf and Singaporean funds are leading this transformation, shifting their portfolios from traditional assets toward companies related to AI, data centers, digital networks, and energy infrastructure.

However, the report also shows that these investors’ ability to anticipate emerging tech companies remains limited. Just 3% of their investments go to companies before they reach unicorn status, reflecting that their function continues to be primarily to back and scale companies that have already proven their viability.

Asia and the Middle East Concentrate Nearly 80% of Global Sovereign Capital

The report highlights once again the high geographical concentration of this type of vehicle. Asia-Pacific and the Middle East pool approximately 79% of sovereign assets under management worldwide, while Europe accounts for 16% of the total. the Americas concentrate around 2% and Africa maintains a share below 1%.

Among the most active funds by number of transactions are Singapore’s Temasek and GIC, alongside Abu Dhabi’s Mubadala. If measured by the economic volume invested, the leadership belongs to GIC, followed by Saudi Arabia’s PIF and Qatar’s QIA. The report also highlights the emergence of new actors, including MGX, Abu Dhabi’s new technology fund, which has driven some of the largest international investments in artificial intelligence.

Europe Bets on Sovereign Funds with a Strategic Focus

The report dedicates a specific chapter to the role of Europe within the sovereign wealth fund ecosystem, where it identifies a clearly differentiated model compared to other regions. With the exception of Norway’s Government Pension Fund Global (GPFG)—which reached 2.1 trillion dollars in March 2026, a figure higher than Spain’s GDP—nearly 80% of European sovereign funds fit the strategic investment funds model; that is, vehicles designed to boost strategic sectors, mobilize private investment, and foster economic development.

Unlike many funds in the Middle East or Asia, the funding sources for these European vehicles do not come from commodity revenues, but rather from fiscal surpluses, stakes in state-owned enterprises, or resources from European Union programs.

In this regard, the study highlights the role played by the Next Generation EU program, whose transfers have served as seed capital for the creation of new sovereign funds in various European countries. The report also analyzes the differences between national models. While economies like France, Spain, or Italy manage multiple public investment structures with distinct functions, Ireland has chosen a unified model centered around the National Treasury Management Agency.

According to the authors of the study, the impact of Next Generation EU is already “solid and measurable.” As an example, they cite the FOCO fund, managed by Cofides, and the recently announced España Crece, which represent a new financing model based on transforming European recovery transfers into sovereign capital. In their view, this mechanism could favor a second wave of European sovereign fund creation between 2026 and 2030.

The Sovereign Wealth Fund Universe Continues to Grow

The Sovereign Wealth Funds Report 2026 expands its coverage this year to 109 sovereign wealth funds, which collectively managed 15.1 trillion dollars in April 2026, up from 104 vehicles and 13.2 trillion recorded in the previous edition. The aggregate increase, close to two trillion dollars, is due to two main factors. On one hand, approximately half of the growth comes from the organic performance of large financial portfolio funds. Norway’s Government Pension Fund Global increased its wealth by 18% to 2.1 trillion dollars; China Investment Corporation (CIC) also grew by 18% to 1.57 trillion; Abu Dhabi’s ADIA advanced 20% to 1.19 trillion; while Kuwait’s sovereign fund increased by 23% to 232 billion dollars. The other half of the growth is explained by the incorporation of new vehicles and methodological adjustments made in the study.

Funds created since 2024 contribute about 350 billion additional dollars to global assets. Notable among them are Danantara from Indonesia; MGX in Abu Dhabi, with an estimated initial wealth of 50 billion dollars; the National Wealth Fund (NWF) of the United Kingdom, with 37 billion; and the new Irish funds FIF and ICNF, which jointly add about 19 billion dollars. Additionally, the report incorporates methodological changes such as expanding the perimeter of the Turkey Wealth Fund (TWF), whose wealth goes from 26.6 billion dollars to 44.7 billion due to modified classification criteria.

New Funds and Greater Geographical Concentration

The study confirms that the geographical distribution of sovereign capital remains highly concentrated. Asia-Pacific and the Middle East bundle approximately 79% of the assets managed by the world’s sovereign wealth funds. Europe represents 16% of the total—although the Norwegian fund alone accounts for 85% of European sovereign assets—while the Americas barely reach 2% and Africa remains below 1%.

The authors also identify several countries preparing to launch new sovereign wealth funds. Portugal approved plans to create its national vehicle in June 2026. Similar initiatives are also advancing in Saint Kitts and Nevis, Kenya, and Canada, where the Canada Strong Fund was approved in April 2026. In contrast, the report notes that the executive order signed in the United States in February 2025 to promote a federal sovereign wealth fund seems to have lost momentum and, for the moment, has not recorded significant progress.

Spain Consolidates Its Appeal for Sovereign Capital

As in previous editions, the report includes a specific chapter dedicated to Spain, noting the growing interest of international sovereign funds in the domestic market. Between July 2024 and December 2025, 18 direct operations were recorded for a combined amount of 6.7 billion euros, equivalent to 7.6 billion dollars. Of these transactions, twelve were carried out by international sovereign wealth funds and six by Spanish vehicles, reflecting both the capacity of the Spanish market to attract long-term institutional capital and the consolidation of domestic public co-investment instruments.

For the second consecutive year, Spain ranks sixth worldwide by economic volume of transactions involving sovereign funds and stands as the second-highest country in the European Union, trailing only Germany. Investments were concentrated in sectors considered strategic for the Spanish economy, such as renewable energy, digital infrastructure, higher education, student housing, technology, and industry.

Among the main operations are investments by Mubadala and Masdar in renewable energy and education; GIC’s bet on infrastructure and student housing; the activity of the Temasek-Keppel ecosystem in data centers; and the first investments made by FOCO in Spanish companies and platforms.

The report also highlights the growing weight of Norway as an investor in Spain. At the close of 2025, the Government Pension Fund Global held positions exceeding 24 billion euros in sovereign and corporate debt, listed equities, and private market assets, particularly infrastructure linked to renewable energy. With this, the study concludes that Spain continues to consolidate itself as one of the main European destinations for international sovereign capital, while developing its own public investment architecture aimed at mobilizing private capital and strengthening strategic sectors.

ARK Invest Europe Expands Its Alliance with Capital Strategies Partners

| By Amaya Uriarte | 0 Comentarios

ARK Invest Europe has expanded the scope of its distribution agreement with Capital Strategies Partners to incorporate Italy, France, Belgium, Andorra, Monaco, and the Swiss canton of Ticino. Until now, the firm was responsible for the distribution of the manager’s products in Spain, Portugal, and several Latin American markets, such as Chile, Colombia, Peru, and Brazil.

With this expansion, ARK Invest seeks to strengthen its presence in Europe and respond to the growing investor interest in strategies focused on disruptive innovation, relying on a partner with local knowledge of each market.

The extension of the agreement also coincides with the recent expansion of the registration of ARK’s actively managed UCITS ETFs in France and Portugal, as well as the launch of the ARK Private Innovation ELTIF, registered for commercialization in 17 European countries, including Spain, Italy, France, Germany, Belgium, Portugal, Sweden, and the Netherlands.

A Range Focused on Technological Innovation and Private Markets

ARK Invest’s European offering currently consists of four actively managed UCITS ETFs:

ARK Innovation UCITS ETF (ARKK): The firm’s flagship fund with over 11.2 billion dollars in assets globally.
ARK Artificial Intelligence & Robotics UCITS ETF (ARKI): Designed specifically for the European market.
ARK Genomic Revolution UCITS ETF (ARKG)
ARK Space & Defence Innovation UCITS ETF (ARKX)

Added to this offering is the ARK Private Innovation ELTIF, a fund that provides access to innovative private companies before their potential IPO and invests in the five major innovation platforms identified by the manager: artificial intelligence, robotics, multi-omic technologies, blockchain, and energy storage.

All ETFs are actively managed, hold an Article 8 classification under the European SFDR regulation, and carry a management fee (OCF) of 0.75%. In addition, the firm plans to expand the European registration of several funds from the RIZE by ARK Invest range, specialized in sustainable and impact thematic investing, before the end of the year.

Expansion Part of ARK’s Growth Strategy in Europe

The expansion of the agreement is part of ARK Invest Europe’s international growth strategy, which began with the launch of its UCITS ETFs in 2024 and has surpassed 1 billion dollars in assets under management in Europe this year. Globally, the firm manages nearly 30 billion dollars, of which around 1.2 billion corresponds to the European business and some 2.5 billion to private market strategies.

Stuart Forbes, Director of ARK Invest Europe and Global Head of Distribution, notes that the broader collaboration will provide European clients with greater access to both listed strategies and private market investments. “This expansion allows us to directly serve a much larger number of clients, with local on-the-ground support and access to our research and forward-looking products,” he states.

For his part, Daniel Rubio, founder and CEO of Capital Strategies Partners, highlights that ARK’s active and research-driven investment philosophy is being well received by investors. In his view, the expansion of the agreement will bring a differentiated offering of UCITS ETFs and the ARK Private Innovation ELTIF closer to clients in these new markets, reinforcing both entities’ commitment to distributing innovative, high-quality strategies.

Yves Bonzon (CIO of Julius Baer): “Semiconductors or No Semiconductors? That Was the Question”

| By Amaya Uriarte | 0 Comentarios

The first half of 2026 has left a clear conclusion for global investors: artificial intelligence has continued to set the pulse of the markets, but with an important nuance. According to the weekly analysis by Yves Bonzon, Chief Investment Officer (CIO) of Julius Baer, during these six months, the key to beating the market was being positioned in the right segment of the tech universe. “In short, the first half of 2026 was clear: either you held semiconductor stocks—but not just any stock—or you didn’t,” Bonzon summarizes in his latest CIO Weekly.

The firm explains that the stock market rally has not been led by the traditional US megacap tech giants, but rather by companies more specialized in DRAM memories and NAND chips linked to the development of artificial intelligence infrastructure. In fact, the SOX semiconductor sector index has skyrocketed by nearly 100% in just three months, consolidating itself as the main engine of global stock markets.

However, one of the surprises of the year has been that, despite the increased cost of capital for major US cloud computing companies—one of Julius Baer’s central investment theses for this year—the US market has not suffered a significant correction. According to Bonzon, leadership has broadened, and gains “no longer depend solely on the Magnificent Seven, but on a wider universe of companies benefiting directly or indirectly from the AI investment cycle.”

In this context, the financial institution believes that a structural change has occurred in the markets, forcing a rethink of portfolio construction. “We have entered an industrial cycle in which a larger number of smaller players benefit from structural trends such as artificial intelligence, electrification, or strategic autonomy,” Bonzon points out. For this reason, Julius Baer considers that diversification is once again becoming an essential source of return generation, in addition to being a classic risk control tool.

Another element that has marked the first half of the year has been the unexpected strength of the US dollar. Contrary to the bearish market consensus, Julius Baer never abandoned its positive outlook on the US currency against the rest of the G7 nations. As Bonzon explains, the geopolitical conflict between the United States and Iran, renewed investor enthusiasm around AI, and Kevin Warsh taking the helm of the Federal Reserve have reinforced the appeal of the dollar and US fixed income.

This view has also led the institution to reduce its exposure to gold during the second quarter. After starting the year with strong gains, the precious metal corrected sharply and has accumulated drops of 7% so far this year, after registering declines of over 10% in June alone.

Looking ahead to the second half of 2026, Julius Baer maintains a cautious approach. Although it recognizes that artificial intelligence will continue to be the main market catalyst, it warns of the growing risk of over-concentration in specific technology segments. Bonzon stresses that “markets are increasingly dependent on a small number of very powerful narratives, while the outcomes remain highly uncertain.”

Consequently, the entity recommends avoiding extreme positions and paying closer attention to sectors that have been less explored recently, such as defensive consumer goods or healthcare, whose relative valuations have become more attractive after several quarters of being eclipsed by the tech boom. “This is not a time for extreme stances, but for humility and the discipline of diversification,” the Julius Baer CIO concludes.

Partners Group Invests in Avenue Capital Group’s Global Commercial Aviation Leasing Portfolio

| By Amaya Uriarte | 0 Comentarios

Partners Group, a leading global private markets firm, acting on behalf of its clients, and Avenue Capital Group, a global investment firm, have announced that Partners Group’s infrastructure secondaries strategy has invested 250 million dollars in Avenue Capital Group’s global commercial aviation leasing portfolio (the “Portfolio”).

According to Partners Group, the investment represents one of the largest transportation deals executed to date by Partners Group’s infrastructure secondaries strategy.

Partners Group is the sole lead investor in a multi-asset continuation vehicle of approximately 360 million dollars, created by Avenue Capital Group to acquire the Portfolio. Avenue Capital Group’s aviation team will continue to manage the assets, according to details provided by the companies in the agreement.

As revealed by both entities, the Portfolio is composed of 69 mid-life aviation projects, including narrow-body, wide-body, and regional jets. The lessee base is diversified among 30 airlines distributed across multiple geographies, including Asia, Western Europe, and North America.

“The majority of the Portfolio’s cash flows are secured through contracts, providing stable and predictable income. Furthermore, the structure seeks to maximize asset value upon lease expiration, whether through re-leasing, aircraft sales, or part-out operations,” Partners Group detailed.

The commercial aviation leasing market benefits from several positive structural factors, including a persistent shortage of new aircraft due to production delays, which is shifting the sector’s reliance toward mid-life aircraft and spare parts. Additionally, aircraft engines are increasingly being used in alternative industrial applications, boosting demand for legacy engines, sustaining their residual value, and further tightening supply.

Jeremy Semble, Head of Infrastructure Partnership Investments Americas at Partners Group, stated: “Aircraft leasing is a growing segment within the infrastructure asset class. The Portfolio is asset-intensive, features contractual cash flows, and presents high barriers to entry derived from significant capital investment and maintenance requirements. This fits perfectly with our infrastructure secondaries strategy, where we seek to offer investors diversified exposure to sectors with resilient demand and strong growth potential. We are pleased to partner once again with Avenue Capital Group, which has positioned the Portfolio very strongly in the current market environment.”

For his part, Marc Lasry, co-founder and CEO of Avenue Capital Group, noted: “This new continuation vehicle has provided our existing limited partners with an attractive liquidity option and has allowed us to partner once again with Partners Group through this structure, offering them exposure to our robust portfolio of aviation projects built over the last decade. Our Aviation team, led by Senior Portfolio Manager Shawn Foley, looks forward to continuing to capture the value of the projects within the Avenue Kite Continuation Fund LP in a market environment that is favorable for these types of assets.”

Partners Group’s Infrastructure Partnership Investments business focuses on LP-led portfolios, GP-led investments, and complex situations globally across high-conviction themes. Since 2006, the firm has completed more than 70 infrastructure secondaries transactions. It is currently raising its latest infrastructure secondaries program, which includes a closed-ended fund and co-investment mandates.

In the transaction, Partners Group was advised by Ropes & Gray, while Avenue Capital Group was advised by Latham & Watkins and Perella Weinberg Partners.

eToro Launches New App: AI as the Core, Social and Intelligent

| By Amaya Uriarte | 0 Comentarios

eToro, the trading and investment platform, has presented its new mobile app at its Intelligence in Motion event in London. eToro takes another step forward with this application to be present wherever investors are. The company shared new features such as trading with agents and sub-accounts, a new desktop platform for active traders, a constantly growing app store, and new tools for crypto-asset self-custody. The expectations of retail investors have evolved. They are looking for an intelligent, accessible investment experience tailored to their needs—an experience that proactively provides them with relevant information when they need it most, rather than having to search for it on their own. eToro’s new app responds to this demand. At its core is Tori, eToro’s proactive AI agent, which works alongside the collective knowledge of eToro’s community of millions of users. Together, they offer investors a human perspective powered by AI.

Yoni Assia, co-founder and CEO of eToro, stated the following about the new AI app: “Our AI is based on the real decisions and history of millions of investors. An intelligence that is difficult to replicate.” “By combining AI with our community, we help people invest with greater knowledge and confidence. For nearly two decades, we have worked to give everyone a voice and a choice; this is the next step.”

At the London presentation, the eToro team revealed the specific features of this app:

Reimagining Investment and Wealth Management

When it comes to reimagining investment and wealth management, the app positions itself as the central hub, redesigning the mobile interface to offer clearer portfolios, advanced charts, and an experience fully adapted to each user’s strategy. Proactive analysis is introduced with Tori, a virtual assistant that analyzes portfolios autonomously and breaks down the reasons behind price movements right when they are needed. This tool expands under the concept of “Tori wherever you are,” allowing investors to check the performance of their assets via WhatsApp or Apple Watch without needing to open the main application. The platform incorporates a sub-account for each goal, making it easier for users to independently organize and manage milestones like long-term retirement or their children’s education. The system offers more precise, custom-tailored data, granting professional-grade charts and technical analysis tools that are customizable according to the investor’s interests.

Enhanced Trading Capabilities

Regarding enhanced trading capabilities, the strategy continues with the implementation of eToro Edge, a high-performance desktop application specifically for high-frequency traders equipped with superior charting tools. It also incorporates AI agent-driven portfolios, a system that allows users to create or copy automated agents that trade in the markets 24/7 under the constant control of the investor.

A Constantly Growing Ecosystem of Applications

The firm boosts a third-party app ecosystem through the eToro App Store, a space where contributors, quantitative experts, and external developers can add technical analysis tools through a new, structured API portal.

Preparing for the Future on the Blockchain

Instant self-custody portfolios managed directly by Tori are enabled, integrating Zengo’s decentralization technology. This allows for direct ownership of crypto-assets securely, in seconds, and without friction. Finally, this entire technological rollout is crowned with a renewed brand identity featuring a new logo, a contemporary visual design, and the corporate slogan “Know better,” reaffirming the broker’s commitment to transparency and informed financial decision-making.

A Renewed Brand Identity

“Trading with agents is accelerating, and our App Store is growing rapidly. The world of finance is in constant evolution, and for two decades, at eToro we have known how to anticipate every major transformation: from social investing to crypto-assets, and now AI. At every stage, we have put that technology at the service of individual investors to create a more level playing field for everyone,” Yoni Assia concludes.

Global M&A Activity in the Financial Sector Grows Again in the First Half of 2026

| By Amaya Uriarte | 0 Comentarios

Following the peak reached last year—the highest level of the last decade—M&A (mergers and acquisitions) deals announced or completed in the global financial services sector continued to increase in the first half of this year, recording a 3% year-on-year increase in reported transactions, according to EY’s latest financial sector M&A analysis.

Banks, insurers, and asset managers from the world’s main financial markets made 1,137 deals public in the first half of 2026, compared to 1,101 in the same period of 2025. However, the total disclosed value for global financial transactions decreased, dropping from 191.3 billion dollars in the first half of 2025 to 134.5 billion dollars in the first half of 2026. There were 25 “megadeals” announced with a value exceeding 1 billion dollars, which accounted for 80% of the total transacted value. This contrasts with the 37 deals above that figure in the first half of 2025 and the 55 in the second half of 2025.

During the first half of 2026, the 10 largest deals represented 58% of the total value (78.7 billion dollars). If we widen the focus to the top 20, these accounted for 75% of the total value (100.5 billion dollars). These figures are fully consistent with those from the first half of 2025, where the 10 largest transactions concentrated 58% of the total value (111.3 billion dollars) and the top 20 accounted for 72% (138.3 billion dollars).

Omar Ali, EY Global Financial Services Leader, comments: “Financial services firms have already adapted to operating under greater uncertainty as the norm, embedding volatility into their usual activity. But unpredictability has an impact, and this is intensified by slower global economic growth, rising inflation, and continuous supply disruptions. For this reason, even though the number of transactions has increased, the value of deals in the first half of this year in the main world markets sits below 2025 levels, as significantly fewer deals have closed above the 1 billion dollar barrier.” On the other hand, he also adds: “Nonetheless, despite market challenges, confidence is stabilizing and boards of directors are eager to accelerate the execution of their strategic plans. Looking ahead to the second half of 2026, we expect a rebound in M&A activity, as banks, insurers, and asset managers increasingly turn to M&A to achieve transformation and competitive growth.”

Financial M&A Balance in the First Half of 2026 – Europe

Across Europe, M&A activity increased in the first half of 2026, with a 7% year-on-year increase in the number of publicly announced deals, reaching 375 transactions compared to 350 in the first half of 2025. However, the total disclosed value fell from 74.9 billion dollars in the first half of 2025 to 63.9 billion dollars in the same period of 2026.

Regarding the sector breakdown within European financial markets, performance was uneven. On one hand, banking and capital markets deals decreased from 96 in the first half of 2025 to 88 in the first half of 2026, additionally suffering a very notable drop in value, which went from 50.7 billion dollars to 19.3 billion dollars. On the other hand, the insurance sector in Europe experienced an inverse trend in volume, with transactions increasing from 146 to 153, although the total value of these deals was reduced from 21.6 billion to 13.4 billion dollars. Finally, the wealth and asset management segment stood out with strong growth, moving from 108 to 134 deals; in this case, the transacted value climbed spectacularly from 2.6 billion dollars to 31.1 billion, an increase that was mostly driven by a single transaction valued at 13.4 billion dollars.

Concurrently, cross-border flows showed great dynamism, as the number of non-European firms acquiring targets in Europe increased from 56 in the first half of 2025 to 67 in the first half of 2026, while the total revealed value grew significantly, rising from 15.2 billion dollars to 24.3 billion dollars. Meanwhile, the number of European firms acquiring targets in other foreign markets remained completely stable at 31 deals in both periods, although the total disclosed value increased substantially from 500 million dollars in the first half of 2025 to 16.3 billion dollars in the first half of 2026.

Financial M&A Balance in the First Half of 2026 – North America

In the United States and Canada, M&A activity increased in the first half of 2026, with an 8% year-on-year increase in the number of public deals, totaling 546 transactions compared to 504 in the first half of 2025. The total value of reported deals, however, decreased materially, falling from 91.8 billion dollars in the first half of 2025 to 48.5 billion dollars in the first half of 2026, primarily due to a decline in large-cap deals, which went from 19 in the first half of 2025 to just 8 in the same period of 2026.

When analyzing North American markets by sector, the general trend showed an increase in volume activity but with a widespread retreat in values. First, banking and capital markets deals increased from 123 in the first half of 2025 to 146 in the first half of 2026, though their value contracted by half, dropping from 62.6 billion to 30.1 billion dollars. Second, transactions in the North American insurance sector fell in both volume and value, decreasing from 204 to 187 deals and from 20.9 billion to 12.3 billion dollars, respectively. Lastly, in the field of wealth and asset management, the number of agreements advanced solidly, moving from 177 to 213 deals, although the economic value of these transactions was slightly reduced from 8.3 billion to 6.0 billion dollars.

In terms of international deals for this region, the number of firms from outside the US or Canada acquiring American and Canadian targets increased from 23 in the first half of 2025 to 30 in the first half of 2026, and the total value of these deals rose significantly from 4.8 billion dollars to 15.9 billion dollars. Likewise, the number of US and Canadian firms acquiring targets in other markets remained unchanged at 70 agreements in both half-year periods, while the total value of outbound investment increased from 12.8 billion dollars in the first half of 2025 to 19.8 billion dollars in the first half of 2026.

Financial M&A Balance in the First Half of 2026 – Asia and Oceania

In the Asia and Oceania markets, M&A activity decreased in the first half of 2026, recording a 14% year-on-year drop in the number of public transactions, with a total of 147 deals compared to 170 in the first half of 2025. The total value of transactions decreased moderately, going from 17.8 billion dollars in the first half of 2025 to 15.8 billion dollars in the first half of 2026.

“Global financial sector M&A is even more resilient than the headline figures for this first half suggest. In the last six months, mid-market and small-cap activity proved robust—supported by sustained private equity activity—and the deal pipeline for the second half of 2026 is solid. The drop in total transacted value is concentrated in the highest segment of the market, where fewer ‘megadeals’ went through, masking a robust underlying momentum,” comments Andre Veissid, EY-Parthenon Global Financial Services Industry Leader. Additionally, he adds: “Looking ahead to the second half of this year, structural and market dynamics point to a more constructive environment. Deal logic has shifted from a focus on costs to a focus on growth, and while geopolitical tensions persist, the market has shown it can absorb uncertainty. However, the window of opportunity—particularly in the US, where the current regulatory environment is increasingly growth-friendly and enabling—is likely temporary, so firms considering M&A for a strategic transformation would do well to act in the short term.”

Lastly, sector behavior in the main financial markets of Asia and Oceania was marked by an almost generalized contraction. On one hand, banking and capital markets deals decreased from 87 in the first half of 2025 to 77 in the same period of 2026; however, this was the only sector in the region that increased its value, moving from 6.4 billion to 11.3 billion dollars. On the other hand, insurance transactions decreased from 41 to 31 deals, with their value also shrinking from 5.0 billion to 2.1 billion dollars. In a similar vein, the wealth and asset management segment suffered a setback, falling from 42 to 39 deals, with a very significant drop in total transacted value, which plummeted from 6.5 billion dollars in the first half of 2025 to just 2.40 billion dollars in the first half of 2026.

Regarding outbound transactions in Asia and Oceania markets, the number of firms from outside the region acquiring local targets increased from 23 in the first half of 2025 to 28 in the first half of 2026, with their value increasing slightly from 1.6 billion dollars to 1.9 billion. Conversely, the number of firms from Asia and Oceania acquiring targets in other international markets remained stable at 14 deals in both periods, although the total revealed value suffered a massive drop, falling from 11.8 billion dollars in the first half of 2025 to just 1.1 billion dollars in the first half of 2026.