Market Update - November 2025

Summary

Global markets strengthened in Q3 as fiscal coordination, productivity gains, and easing policy created a broad-based mid-cycle recovery, while MLD introduced its AI 2030 portfolio as a full-stack strategy for investing in the infrastructure powering the artificial intelligence economy. The message is clear: stay invested, stay selective, and position portfolios toward the enablers of long-term structural transformations.

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Highlights

• Global equities rebounded with real breadth across the US, Europe, and Asia.
• Fiscal coordination and improved productivity signal an inflection point, not stagflation.
• International equities and alternative assets regained relevance in a multi-polar recovery.
• AI is now a monetized productivity driver, shifting value creation toward physical infrastructure.
• MLD unveiled its AI 2030 portfolio, targeting semiconductors, power systems, and critical materials.
• The strategy blends 60% growth and 40% stability to capture secular AI tailwinds while managing risk.
  

Key Insights

1. A Broad Mid-Cycle Expansion Is Underway
2. Markets are no longer dependent on US tech alone; coordinated fiscal spending in Europe and Asia, cooling inflation, and a Fed shift toward supportive policy have extended the cycle. This multi-polar recovery strengthens diversification and reduces reliance on a single economic engine.
3. AI’s Centre of Gravity Has Moved Downstream
4. The real investment frontier is no longer algorithms or consumer software but the physical systems that make AI possible: data-centre power, nuclear energy, regulated utilities, semiconductors, copper, lithium, and rare earths. These bottleneck assets are where scarcity meets demand.
5. MLD’s AI 2030 Portfolio Targets the New Sources of Return
6. Built with institutional rigour, the portfolio allocates across compute, energy, utilities, nuclear, and key commodities, supported by a dynamic weighting framework. It reflects the belief that traditional 60/40 alone cannot capture the structural drivers of the next decade, particularly AI and electrification.
   

Conclusion

Q3 marked a decisive shift toward a coordinated global expansion driven by fiscal investment, productivity improvements, and easing monetary conditions. MLD’s AI 2030 strategy is designed to help investors participate in the infrastructure phase of the AI revolution, focusing on scarcity assets, resiliency, and disciplined long-term compounding.

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