The summer of 2024 threatens to ignite transnational conflict with an unprecedented array of flashpoints never seen in the modern world.

In this update, we begin by reviewing the state of the economy as we enter the second half of the year. We then pivot to discussing the potential impact of Artificial Intelligence (AI) on the Utilities sector and the performance of the Technology sector, driven by ongoing AI trends.

As we reach the midpoint of 2024, the economy grapples with familiar question that has persisted over the past couple of years. When will the substantial increase in interest rates significantly impact economic conditions?

There is reason to be bullish on Japanese equities, due to market reforms and interventions over the past decade. In this note, we will recap those reforms we see as most relevant for global stock pickers, followed by insights from a selection of our high conviction boutique managers.

As we close the books on the first quarter of 2024, we are once again struck by the contradiction between careful data analysis and changing narratives regarding market direction.

As we enter the second quarter of the year, market participants appear to be performing a balancing act on a tightrope amidst the crosscurrents of the macroeconomic data flow.