The Wealth Enterprise Briefing

For much of the past 15 years, emerging markets (EM) equities have been a difficult place to invest, marked by significant risk and limited returns relative to U.S. equities. But last year, EM outperformed U.S. equities by its largest margin in years. In the latest episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame examine whether that shift signals something more durable.While the conflict with Iran continues to cloud short-term decision-making, they step back to focus on what may be changing structurally in EM and what investors should watch going forward. They discuss:Why emerging markets struggled for much of the past 15 years, and what's changed more recently, from weak global growth and China's slowdown to stronger balance sheets, improved profitability and better earnings momentumHow the EM story is evolving beyond a China-led market to a broader mix of economies, particularly across Asia, including India, South Korea and Taiwan, which now make up the majority of the indexWhat's driving earnings growth today, including the role of AI and the positioning of countries like South Korea and Taiwan in the global hardware supply chainWhy valuations remain attractive, especially relative to U.S. equities, and what that could mean for forward-looking returnsHow the Iran conflict is affecting countries differently in the near term—and why the longer-term opportunity may still be intact despite short-term energy disruptionsOur team is continuously monitoring these developments and will share further updates as they become available. We encourage you to contact us directly to discuss how these considerations may apply to your portfolio.Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

When the conflict with Iran first escalated, markets reacted with fear and uncertainty. A month later, the nature of the shock has changed. What began as a volatility event is evolving into an inflation event, and the data is starting to reflect this.In this follow-up flash episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is again joined by Senior Investment Manager Sam Sudame to take stock of where things stand one month in and what it means for portfolio positioning.They discuss:Why oil rising from $65 to $98 a barrel has pushed the Fed to revise its inflation forecast higherHow yields moved 50 basis points in three weeks — and why bonds have not been the haven investors expectedWhy markets have shifted from pricing two rate cuts to a 50% probability of a hikeWhy energy stocks and natural resources have been the standout diversifiersWhat three possible outcomes for equities look like from here — and why the stalemate scenario may be the most underappreciated riskWhy staying at target equity exposure remains the right call for long-term investorsOur team is continuously monitoring these developments and will share further insights as they become available. We encourage you to contact us directly to review how these market shifts may influence your specific portfolio strategy.Important Information: The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private credit has faced a wave of negative headlines recently, touching on fraud concerns, software sector risk and questions about how these vehicles handle redemptions. For investors with existing allocations, it has been easy to wonder whether something more fundamental is shifting.In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Deputy CIO Matt Farrell examine what is actually behind the recent volatility, how the structure of private credit vehicles works in practice and whether the core thesis remains intact. Their view is that despite the noise, fundamental credit quality is holding up and the opportunity still rewards a disciplined, diversified approach.They discuss: Why the recent fraud headlines are not the whole story on credit qualityHow the structure of public and private BDCs can create a misleading picture of underlying riskWhat a high-profile redemption story actually revealed about how these vehicles are designed to workWhat the current data is showing about the health of private credit portfoliosWhy where you sit in the capital structure matters more than headlines suggestHow diversification remains the most important tool for managing risk in private credit todayFor anyone with existing private credit allocations or those considering new commitments, this conversation offers an in-depth look at what the recent headlines do and do not mean for the long-term role of private credit in a portfolio.If you'd like to talk through how private credit fits into your current allocation, please contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Geopolitical events can move markets quickly, and the conflict with Iran is no exception. Within a single week, oil prices rose roughly 50%, the U.S. dollar posted its strongest move in over a year and investors began asking whether the macro backdrop that has shaped portfolio positioning coming into 2026 had fundamentally changed.In this flash edpisode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner is joined by Global Head of Macro Sam Sudame to take stock of what has happened in the first week of the conflict, what the data is actually showing and whether the firm's three core portfolio themes remain intact.They discuss:Why the Straits of Hormuz make this conflict a substantial risk to global energy supply and inflationWhat the difference is between an inflationary growth environment and a stagflationary shock, and which one markets are currently pricing inWhat the oil futures term structure is signaling about how long the market expects the disruption to lastWhy the case for staying short to intermediate on duration in fixed income remains intactHow diversified equity portfolios, including exposure beyond mega-cap technology, held up better than expected last weekWhy real assets, including natural resources, infrastructure and real estate, remain a core part of the portfolio thesis in this environmentFor investors who have been following the firm's macro framework heading into 2026, this episode is a timely check-in on where things stand and what to keep watching as the situation develops.As the situation continues to develop, we remain focused on monitoring the data closely and will provide updates as warranted. If you'd like to discuss any possible implications for your portfolio, please be in touch.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Commercial real estate has had a tough stretch. As interest rates rose quickly starting in 2022, transactions slowed, pricing became harder to pin down and many investors put new equity commitments on pause while the market worked through a reset. In this episode of The Wealth Enterprise Briefing, Michael Zeuner and Deputy CIO Matt Farrell discuss what drove that slowdown, why the opportunity set has leaned toward private real estate debt and what an inflationary growth backdrop could mean for real estate's role within a real asset allocation. Their view is that conditions may be improving, but results will depend on being selective by strategy, property type and geography.They discuss: Why rising rates froze transaction volume, pushing the opportunity set toward private real estate debtWhat an inflationary growth backdrop could mean for real estate's role going forwardWhy selectivity matters more now, by asset, strategy and region How multifamily conditions differ across markets as new supply works through the systemWhere opportunistic approaches may find openings, including parts of office at the right priceFor families considering new commitments, the conversation is a reminder that real estate may be re-entering the opportunity set, but broad allocations are less likely to do the job than disciplined manager selection and targeted exposures. If you'd like to talk through where private real estate debt or selective real estate equity may fit in your plan, please contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Entering 2026, the market is bracing for a shift. While the consensus expects inflation to cool, the fundamentals suggest a different path: inflationary growth.  In the second half of the conversation on The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame move beyond sentiment to discuss how this "stubborn" inflationary environment should reshape a private investor's portfolio. They discuss:Why Sam expects inflation to stay sticky in 2026What inflationary growth can mean for cash and bondsWhy duration risk matters if rates riseWhere credit and structured fixed income may fitWhy equities can benefit, unless policy turns restrictiveWhy real assets may play a bigger role when pricing can adjustSam also notes that growth support is not limited to the U.S., pointing to policy support abroad as another factor to watch as the year develops.Listen to the full briefing below to hear Sam's specific outlook on why international stimulus in Europe and Japan makes overseas risk assets particularly attractive right now.Have questions about how inflationary growth affects your specific allocation? Please contact us; we're here to help.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Private market investors have been feeling the effects of slower exits and fewer distribution events, particularly in venture. That strain has made it harder for families to keep commitment pacing steady, even when their long-term conviction has not changed.In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner sat down with Deputy CIO Matt Farrell to discuss what many are calling a "thaw" in private markets. The core question was simple: Are we seeing real improvement in liquidity, or just hopeful headlines?They discuss: What a "thaw" looks like, and why private market data comes lateWhy Q3 distributions rose, led by a handful of large dealsHow the post-2021 reset changes what "normal" looks like nowWhy vintage-year pacing still matters when liquidity supports itWhere we are looking: materials for the AI buildout, plus power and energy demandWhy "picks and shovels" can limit reliance on one winnerImproving distribution activity would be a welcome change, but it does not remove the need for discipline. For families who plan for illiquidity, size commitments carefully and diversify by vintage, private markets can still play an important role.To discuss how these themes may relate to your portfolio, please contact us.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

As 2026 begins, families are weighing two forces at the same time. The economic data still looks constructive, while headlines and geopolitical uncertainty can make the market feel less steady day to day.In Part 1 of this two-part episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame talk about how WE separates fundamentals from sentiment, and why that distinction matters when building and maintaining a long-term portfolio.They discuss:Why sentiment moves markets short term, while earnings and dividends matter longer termWhy Sam sees U.S. fundamentals as strong entering 2026What could shift the outlook: weaker jobs, softer spending or slowing AI capexWhy productivity matters for margins and inflationHow geopolitics can rattle markets without changing the economic baseWhy global investors have used gold as a hedge during uncertaintyIn Part 2, Michael and Sam will continue the conversation and explore what these themes could mean for investors.If you would like to discuss what these themes may mean for your portfolio, please contact us; we're here to help.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Questions about a possible market bubble have resurfaced this year, driven by rapid gains in AI-related companies and concerns about whether valuations can keep pace with expectations. Families are asking whether today's environment resembles earlier periods of exuberance and what that might mean for long-term positioning.In a previous episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner and Global Head of Macro Sam Sudame explored a question many families are asking: Are we in a bubble, particularly in AI-related stocks? Sam's view was clear: Current valuations remain grounded in fundamentals, with earnings growth supporting much of the recent market strength.In this follow-up discussion, they take the conversation a step further. Instead of focusing solely on whether a bubble may eventually form, they examine what AI could mean for the broader market over time and how investors might think about positioning for the next stage of this shift.They talk through:Why long-term opportunities may extend beyond hyperscalers and early AI leadersHow historical cycles show that productivity beneficiaries often drive the next leg of returnsWhat distinguishes today's environment from the dot-com era, particularly around fundamentals and cost efficienciesWhy margin expansion across a wider set of companies could shape future market leadershipHow diversified portfolios can capture AI-related growth while balancing other risksSam notes that AI is likely at the beginning of a multi-stage cycle: first through infrastructure buildout and next through widespread corporate adoption that could lift productivity and margins. While sentiment may play a role in the near term, the long-term impact of AI could reach far beyond the companies currently in the spotlight.If you would like to review how AI-related developments are reflected in your current allocations, please contact us; we're here to help.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.

Questions about a possible market bubble have resurfaced this year, driven by rapid gains in AI-related companies and concerns about whether valuations can keep pace with expectations. Families are asking whether today's environment resembles earlier periods of exuberance and what that might mean for long-term positioning.In this episode of The Wealth Enterprise Briefing, Managing Partner Michael Zeuner speaks with Global Head of Macro Sam Sudame about how AI investment is shaping markets, what history can teach us and how to think about portfolio construction when enthusiasm and uncertainty coexist.They discuss:How AI spending is supporting growth and how it compares with past innovation cyclesWhat prior eras in railroads, autos and the internet show about valuations and behaviorWhy earnings growth sets today's leading AI names apart from past bubblesHow metrics such as the PEG ratio help judge whether valuations are reasonableWhat to watch next, including capacity constraints and risks to AI-related earningsWhile history shows that great technologies can experience periods of over-optimism, Sam notes that today's fundamentals still support much of the market's enthusiasm. At the same time, both he and Michael emphasize the importance of diversified portfolios that balance exposure to powerful growth themes with counterweights across sectors and asset classes.Families evaluating their equity allocations or thinking about how AI fits within a long-term strategy are welcome to connect with us to discuss how these trends may relate to their overall goals.Important Information:The Wealth Enterprise Briefing contains our current opinions and commentary, which are subject to change without notice. The Briefing is distributed for informational and educational purposes only and does not consider the specific investment objective, financial situation or particular needs of any recipient. Information contained herein has been obtained from sources we believe to be reliable, but we do not guarantee its completeness or accuracy. The information in the Briefing is not a recommendation of any security, and should not be relied upon as investment, legal or tax advice. Please consult with your investment, legal and tax advisors regarding any implications of the information presented in this presentation.