Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. </li>
<li>Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.</li>
<li>Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.</li>
</ul>


U.S. small caps, metals and mining stocks, and gold were key detractors within the portfolio suite, offsetting positive allocation effects in our underweight fixed income exposure. 
Aggressive portfolios maintained their outperformance YTD driven by strong selections within the equity asset class.
Positioning changes include commodity diversification beyond gold, adding Japanese equities, and maintaining an underweight to bonds.


Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>What are major global bond markets telling us about the world?</li>
<li>We look at potential beneficiaries  of the next wave of inflation </li>
</ul>


A review of recent events/data impacting our investment themes and outlook
What are major global bond markets telling us about the world?
We look at potential beneficiaries  of the next wave of inflation 


Overview #27 – The Big Beautiful Tragi-Comedy Continues

Equity & Credit Research

Duncan Chan

Thematic (Sector/Industry)

<ul>
<li>Gold's resistance to tighter policy suggests a higher structural floor, but weaker momentum and elevated real yields still favour consolidation.</li>
<li>The Yuanyou Bao incident provides the risk discipline, showing how familiar loss limits can fail when the assumed price domain does not match the underlying contract.</li>
<li>Futures provide linear exposure and miners add operating risk; a bull call spread fits structurally supported but momentum-constrained upside, subject to confirmation from the live volatility surface.</li>
</ul>


Gold's resistance to tighter policy suggests a higher structural floor, but weaker momentum and elevated real yields still favour consolidation.
The Yuanyou Bao incident provides the risk discipline, showing how familiar loss limits can fail when the assumed price domain does not match the underlying contract.
Futures provide linear exposure and miners add operating risk; a bull call spread fits structurally supported but momentum-constrained upside, subject to confirmation from the live volatility surface.


Gold Consolidation Favours Selective Upside

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.</li>
<li>As one of the most leveraged and speculative parts of global asset markets, Bitcoin will struggle as the Fed ends its interest rate cuts by the end of 2026.</li>
<li>Gold continues to benefit from the Fed's pro-inflation policies, particularly with the restart of its $40 billion monthly QE program.  Continued currency debasement also supports a contnuation of gold's rise.</li>
</ul>


Whatever economic scenario unfolds in 2026, a long Gold/short Bitcoin investment should outperform. The position is up more than 50% since October.
As one of the most leveraged and speculative parts of global asset markets, Bitcoin will struggle as the Fed ends its interest rate cuts by the end of 2026.
Gold continues to benefit from the Fed's pro-inflation policies, particularly with the restart of its $40 billion monthly QE program.  Continued currency debasement also supports a contnuation of gold's rise.


2026 HIGH CONVICTION IDEA: Long Gold / Short Bitcoin

<ul>
<li>Are we witnessing a short-term carry-trade unwind or trend change?</li>
<li>JPY's strength and overall market weakness continue to go hand in hand.</li>
<li>Any near-term bounce  be used to reduce exposure in certain sectors</li>
</ul>


Are we witnessing a short-term carry-trade unwind or trend change?
JPY's strength and overall market weakness continue to go hand in hand.
Any near-term bounce  be used to reduce exposure in certain sectors


Nowhere to Run to Baby, Nowhere to Hide! Part 1

United States

SPDR Gold Shares is an investment fund incorporated in the USA.  The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SPDR Gold Shares (GLD US)

Portfolio Update: Broader Commodity Positioning, Narrow Equity Leadership

Full breakdown of our portfolio suite, performance, and new positioning. We broadened our commodity positioning, added Japan, and maintained a core...

Damanick Dantes, CMT

Overview #27 – The Big Beautiful Tragi-Comedy Continues

More positive news for the Uranium Sector. Jefferies upgraded the Australian uranium miners yesterday with $PDN, $BOE and $DLY rallying 15-20% & up...

Rikki Malik

Gold Consolidation Favours Selective Upside

Gold's higher structural floor is meeting tighter policy and weaker momentum. The Insight tests which exposure best fits selective upside without...

Duncan Chan

2026 HIGH CONVICTION IDEA: Long Gold / Short Bitcoin

Our long gold (3.5x)/ short bitcoin (1x) conviction trade has produced a 56% return so far in 2026. In February, the strategy has produced a 25%...

David Mudd

Nowhere to Run to Baby, Nowhere to Hide! Part 1

Given the short-term oversold conditions in the Nikkei and Topix, we would take some profits on any shorts in anticipation of a bounce and get...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)