Insights
Research, portfolio reports and market commentary across global equities, the energy transition, AI infrastructure and macro positioning.
AI RACE: CHINA VS USA
A strategic assessment of the global AI race, with a focus on compute, semiconductors, power demand, grid constraints and the investment implications across the physical AI infrastructure stack.
Charter House Rules
Emit Capital's podcast on markets, macro and the physical build-out behind AI and the energy transition. Named for Charter House, our home in Melbourne. Open to all listeners.
The Winter Test
Two central banks on the clock and oil up more than 6% in a week. The index fell while the average stock rose, the 5% Treasury hurdle came back into view, and the northern winter gets its first real test — paper barrels against physical ones, diesel as the pinch point, Asian gas near US$31 and European storage three-quarters full. Recorded as the September quarter inflation print landed. This week’s rule: an energy shock becomes a rates problem when it reaches wages.
The Week That Was — Beat, Raise, Sold
Chip stocks fell eight days in a row, their longest losing streak since 2008. The largest contract chipmaker beat its forecast and raised guidance, and its shares fell anyway. Five events that moved the week — producer prices and the Fed, an AI financing scare and the cost of money, oil near US$110, Australian jobs and the RBA — then back to the risk register to see which risks actually moved. This week’s rule: read the order book, not the ticker.
The Risk Register
A hot core inflation print, a rout in semiconductors and a record crowded trade. This episode introduces the risk register: three risks that could hurt portfolios, each put through the same six questions — what is it, how likely is it, what is already priced, how would it transmit, what is the tell, and what are we doing about it. This week’s rule: own the bottleneck, not the crowd.
A Tax, Not a Verdict
Record highs on the S&P and Nasdaq with the US 10-year still above 5.25%, Brent near US$100 and a weak jobs report — so which market is right? Why this looks more like rotation than a broad rally, why the long end stays under pressure, and why AI is fast becoming an electricity story. This week’s rule: high yields are a tax, not a verdict.
The Third Tripwire
Four tripwires were set the week before: the 10-year above 5.25%, high-yield credit through 300 basis points, dealer gamma turning negative and Brent back toward US$110. One is noise, two is a warning, three is a regime change. Three tripped. This week’s rule: when three tripwires trip, stop forecasting and start managing.
A Falling Risk Premium Is Not Falling Risk
The inaugural episode: oil back below US$100, an AI-led Nasdaq making new highs, central banks still tightening, and the question underneath all of it — whether compressed volatility means risk has gone away, or simply that it is being priced somewhere else.
Market Risk Notes
Tactical cross-asset risk assessments covering macro conditions, volatility, dealer positioning, credit and the implications for Emit Capital portfolios. The most recent note appears first; earlier notes reflect conditions at the time of writing and have not been updated.
Credit cleared our exit line. Positioning doubled against it
High yield printed 320bp, below the 325bp level we set as the start of our exit test and the first such reading of this stage. In the same window dealer gamma on the broad index more than doubled, from −$24.5bn to −$53.9bn. Two of our three conditions are now unmet and stage four holds a twenty-first session on dealer positioning alone. Behind both, the ten-year pushed above 5.10% on the day producer prices came in softer than expected — a disinflationary print that did not pull yields down. The note also restates Wednesday’s credit scoring, corrects an inconsistency in how we score volatility, and suspends the compute overlay.
The repair lasted one session. Credit and positioning have split
Dealer gamma has reverted to negative across all four markets, a $53.0bn swing back on the broad index, and our gamma condition is met again. Yesterday’s note said a decline of more than a third of one per cent would do exactly that; the index fell 0.355%. It was not a selloff, though — the Nasdaq fund rose on the same capture — and the measure has now crossed its own threshold twice in two days. Credit went the other way, tightening a fourth time to 330bp, 5bp from the level that begins releasing us. The note also restates two figures we published. Stage four holds a twentieth session.
Positioning has turned positive. Stage four rests on one stale number
Dealer gamma on the broad index swung from −$65.7bn to +$28.5bn and the Nasdaq fund followed, while volatility settled at 19.60 — below our threshold. Two of our three stage conditions have lapsed, and the only one still met is a credit reading dated 9 November, published before this week’s data existed. The repair is thin: the broad index sits 0.36% above its flip, and semiconductors have not joined it at all. The note also restates the ten-year close to 4.988% and sets out why we are not leaving the stage on direction of travel. Stage four holds a nineteenth session.
Our conditions are all improving. The risk moved to rates
Credit has tightened 14bp from its peak, dealer positioning is half as negative as a week ago and volatility has fallen below our threshold — every condition we measure is moving the right way. Meanwhile an inflation reading of 0.4% against 0.3% expected pushed the ten-year yield above 5% and the two-year up 19bp, its largest daily rise since April 2025. Rates are the one thing our conditions have never measured, and the blind spot we named on 30 October. This note also discloses that our acceleration marker was met on 5 November and has since unwound. Stage four holds an eighteenth session.
Credit has answered in two voices. Our condition hears one
Broad high-yield tightened to 332bp, 7bp from the level that starts our exit test, while a large technology group’s five-year credit protection reached a four-year wide and a European bank offered data-centre loans for sale. Our condition is written on the first and is deaf to the second — the fourth blind spot in a fortnight. Thursday was also worse than we reported: the index fell 4.36%, semiconductors more than 12%, and volatility settled at 28.18, higher than the intraday print we declined to score. Stage four holds a fifteenth session.
The worst session since April 2025. Credit has not answered yet
The sharpest single-session fall since April 2025, with dealer positioning on the broad index swinging US$198.8bn back into negative gamma and all four markets negative again. The only credit observation we held was 332bp — 8bp tighter, and dated the day before the selloff — so the question the note put was whether credit would answer. Index and sector figures in this note were restated worse in the 7 November release. Stage four held a fourteenth session.
The acceleration never fired. The market has split in two
Credit printed 340bp for 3 November against a severity test written above 340bp, so our marker did not fire — the third reading in five weeks to land exactly on one of our lines. On the same board the index swung US$154.5bn into positive gamma and closed above its flip, while semiconductors made a six-month low with their own exposure nearly twice as negative and 0.62% above their downside level. Stage four holds a thirteenth session, with one of its three conditions now lapsed.
Oil gave up seven per cent. Semiconductors fell anyway
Credit widened 18bp to 344bp on Friday, the worst reading of this episode. On Monday the geopolitical premium came out of the oil price — about 7.6% on its own contract — and semiconductors fell a further 2.80% regardless, while financials and consumer discretionary rose. Whatever is repricing this complex, it is not the cost of energy. Stage four holds an eleventh session. We also correct Friday’s volatility close, and define a term our own board had carried without one.
Stage four never ended. Yesterday’s call is withdrawn
The 29 October credit observation published after our previous note went out, at 326bp — above the 325bp level our exit is written on. On the observation-date basis we use throughout, that day did not qualify, so the exit had one qualifying day where it needed two. We withdraw the de-escalation published on 30 October. Stage four has run continuously since 20 October and this is its tenth session. Friday then met all three of its conditions outright for the first time since 23 October, on the worst session of the episode.
Stage four has expired. The concentration risk has not
The stage assessment in this note was withdrawn on 31 October and should not be relied upon. It moved to stage three on two qualifying observation days, the second of which did not in fact qualify once its own credit observation published at 326bp. The surrounding market analysis stands: the Nasdaq fund fell 1.40% with its net gamma more than doubling negative, and the oldest compute generation posted its first recorded deterioration.
Credit cleared our line. The structure went backwards
High yield printed 318bp, through the 325bp level our exit is written on for the first time. In the same reading three of the four positioning measures deteriorated — the S&P exchange-traded fund from +US$2.5bn to −US$3.4bn — so the exit’s second limb fails and stage four holds an eighth session. Not one of the three conditions that put us there still holds. We replace the test rather than patch it a fourth time, and correct a futures roll we made two sessions early.
The structure turned positive. Credit is five basis points away
S&P dealer positioning crossed into positive gamma at +US$18.6bn, a US$42.1bn swing in one session, and its exchange-traded fund followed. Credit eased 8bp to 330bp, five basis points from the level that releases us. Two of the four markets are still below their flips, so neither limb of our published exit is met. Stage four holds a seventh session, and we withdraw a signal we praised the day before.
Almost everything improved. The way out is thirteen basis points away
Semiconductors rose 2.73%, S&P dealer positioning improved by US$24.2bn — the largest single-session repair of this episode — volatility fell toward 18 and oil retreated. Two downside walls moved up, the first time that has happened since the correction began. Credit eased 2bp to 338bp, and our published exit needs a print below 325bp. We hold stage four for a sixth session on one number, and the note says plainly that it is the only one holding us.
The demand data came back supportive. Credit came back worse
Our compute reading refreshed for the first time in two weeks and supports the demand case: the newest generations earn two to three times the level we require. High yield widened 13bp to 340bp, the widest of this episode and 80bp above its end-August level, confirming Thursday’s selling in financing conditions. What the computing earns is holding up; what it costs to finance is not. Stage four holds, fifth session.
Wednesday announced the spending. Thursday repriced it
Semiconductors fell 5.99% and the Nasdaq ETF 2.85% while the equal-weighted index rose 0.76%. Dealer positioning turned negative in all four markets, the S&P swinging about US$79bn in two sessions, and Brent went through US$113. Credit improved to 327bp, but that reading predates the selling. For the first time since Monday every condition for stage four is met.
Capital expenditure went up. So did the cost of funding it
High yield printed 333bp, the widest reading of this episode, on the same session that one of the largest technology platforms lifted the floor of its 2026 capital-expenditure guidance to a US$135–145bn range. The note names a drafting fault in our own stage conditions and closes it in the direction that lets us out sooner, and retires breadth as a stage input after three sign changes in three sessions.
We escalated on two arguments. One of them has reversed
We moved to stage four on credit at 331bp and on breadth that had narrowed to a single sector. Breadth reversed in one session: the equal-weighted index rose 1.16%, smaller companies 1.7%, healthcare to a record, advancers roughly two to one. Credit eased to 329bp and stayed above our level, and the exit condition we published the day before is not met on either limb. We hold at stage four on one leg, and the note says so rather than letting it pass.
The market rose. We moved to stage four
High yield printed 331bp, through the 325bp level we have published since late September and the widest reading of this episode, with dealer positioning still negative in all four markets we follow. The escalation rule we published on Saturday, effective from Monday, makes either condition alone sufficient — and it fired on a session when the index rose 0.41%, volatility fell below 18.5 and the market mechanics repaired sharply. The note sets out why, and states the objection to it in full.
The volatility regime changed. Two thresholds missed by a rounding error
Dealer positioning turned negative in all four markets we follow, each closing below its flip and within one per cent of its put wall, and the S&P moved from about zero to −US$80.3bn in a single session. Volatility reached 22.31 intraday and oil went through the escalation point we published. Stage four requires high yield above 325bp and volatility above 20: credit printed 323bp and VIX closed at 19.98. We hold stage three and have amended the rule, prospectively, so that either condition alone will be enough.
Credit reached the line. The other three conditions did not
High yield printed at 325bp, the level we have published for three weeks as decisive. It arrived on a session when the broad market rallied on strong breadth, long yields fell sharply despite a hot producer-price print, and volatility touched 18 intraday before fading. One escalation condition is met, one sits exactly on its boundary and two moved away. Technology and semiconductors remain deeply negative.
The index has joined them
A hotter-than-expected inflation print supplied the catalyst we had said the index would need. The S&P’s dealer positioning swung by about US$195bn in a single session, the largest change we have recorded, and every structure we track is now in negative gamma. Breadth broke with it, volatility rose 10% and the implied chance of an October rate rise jumped to 33%. The note sets out exactly how far stage four now is.
The S&P and its own tracker have split
The index’s dealer cushion grew to its strongest in a week while the exchange-traded fund tracking the same exposure turned negative — two instruments on one market, in opposite mechanical regimes. Three of the four structures we follow were negative with the index the exception. Long yields fell for a second session despite oil near US$106, and credit improved to 311bp on a fresh reading.
Oil reached the level we published. Yields did not follow
Brent at US$106.12 is inside the US$105–107 band we had named as the point where the inflation channel reopens, and the bond market declined to confirm it: both tenors finished flat to lower. Underneath a 0.06% move in the index, technology slipped back into negative gamma and the options market moved its downside marker for semiconductors six per cent lower.
The rebound happened without semiconductors
Most of Thursday’s structural damage reversed: the Nasdaq ETF reclaimed its gamma flip and turned positive, the S&P rebuilt its cushion, every volatility measure fell and the advance was broad. Semiconductors fell while all of that happened and remained in negative gamma for a second session. Credit widened again to 315bp.
Technology flipped negative. Rotation is holding the index up
The level we had named as the one that mattered broke in a single session. Technology and semiconductors both moved into negative gamma, where dealer hedging amplifies moves rather than damping them. The S&P fell only 0.47%, because money went into energy and financials rather than leaving equities, and Brent rose almost 4% to around US$104.
The index barely moved. The structure beneath it did
The S&P fell 0.22%, which tells you almost nothing about the session. Beneath it the dealer cushion lost two-thirds of its size, the S&P ETF’s own positioning turned negative, the equal-weighted index fell four times as far as the headline, and sovereign yields rose across Europe with Italy’s 10-year up almost 11 basis points. Credit was the single series that improved.
A two-basis-point move reset the clock
Dealer positioning doubled to the largest cushion we have recorded, both major call walls moved higher rather than capping the advance, yields fell at the front and belly, and the equal-weighted index matched the headline almost exactly. High yield went from 310bp to 312bp, which under the rule we published resets our upgrade clock to zero. We applied it as written.
Credit turned. We are not moving the stage yet
High yield tightened to 310bp, the first improvement in six readings and a reversal of the trend that had set our stage since late September. Dealer positioning reached the largest cushion we had recorded, the advance broadened across ten of eleven sectors and Brent fell back to US$100. Our published test requires three sessions at that level, and this was session one.
The equity market healed. Credit did not
Almost everything improved, several things sharply: dealer positioning rebuilt to its strongest of the month, volatility fell across the board, breadth participated for the first time this week and the implied chance of an October rate rise fell from roughly 64% to 22%. One reading went the other way. High yield widened to 324bp, a basis point from the level we published as decisive, so we hold stage three on credit alone.
The signal we were watching fired. The market rose anyway
We had flagged the Nasdaq ETF losing its positive gamma while credit kept widening as the combination to watch. Both arrived, and equities still finished higher, because yields reversed hard from intraday highs of 5.34% and 5.68%. Credit widened again to 312bp, a fourth consecutive reading, and positioning is now mixed rather than one story. The lesson: the market responds to the direction and velocity of yields, not only their level.
Fewer and fewer components are holding the index up
The Nasdaq rose 0.23% and semiconductors 0.25% while the equal-weighted S&P fell 0.71% and the Dow 0.86%. Credit widened again to 308bp and the 30-year reached a new high at 5.631%. This is not a market falling: capital is concentrating into the largest growth companies while the rest absorbs tighter financial conditions. We remain at stage three, on a narrower base.
The market has split in two
The 10-year touched 5.296% intraday and the 30-year 5.618% before both retreated, and oil fell almost 4%. Positioning bifurcated: the broad index went deeply negative gamma while technology repaired to strongly positive, so index concentration began working as a stabiliser. Credit printed at 302bp, through the level we had set as confirmation.
The shock absorber is gone. We are moving a stage
Dealer positioning collapsed on Monday: S&P gamma fell 98% and both major ETFs turned negative, leaving spot below the gamma flip on each index. Credit widened to 293bp, inside the band we had published as decisive, and the 10-year reached 5.243%. We move from stage two to stage three of our risk framework — a controlled de-rating driven by the cost of capital, not disorder.
Oil did the work, not the bond market
Equities rose, breadth turned positive and every options structure we track is back in positive gamma, the strongest positioning of the month. The bond market did not relent — the 30-year made a new high at 5.502% — but Brent fell 2%, easing the inflation channel behind the pressure. One caution: high-yield spreads widened to 280bp, the top of our contained band.
The macro got worse. The market did not
The 10-year reached 5.20%, the 30-year 5.48% and Brent rose more than 4%, yet the S&P and Nasdaq finished unchanged and VIX stayed below 16. Dealer positioning improved into the close and the high-yield spread printed at 273bp, inside the band we had published as the test for whether this remains a valuation event rather than a financing one.
The 10-year broke 5.10%, and the cushion beneath equities thinned
Yields rose across the curve, oil returned above US$103 and equities fell. The dealer positioning that had been damping moves largely went with it: the S&P ETF turned negative and all three major structures now sit within 0.35% of their gamma boundary. Frontier compute economics are unchanged, so we read this as valuation pressure rather than a demand problem.
A calm index, a market pulling apart underneath it
VIX fell to 14.21 while dispersion rose for a fifth session, the widest gap between index and single-stock volatility of this episode. The Nasdaq made a 52-week high on a flat S&P and a falling Dow, with the major indices now sitting just below their call walls ahead of a US–China summit.
Positive gamma everywhere, but the rally beneath it is narrow
The first post-expiry reading put all four major options structures back into positive gamma, with oil easing, the 10-year below 5% and credit very calm. The advance was concentrated: the Nasdaq outpaced the equal-weighted S&P by 2.65 percentage points in a single session.
The index is calm. Beneath it, the market is narrowing
VIX fell again and the Nasdaq rose while the Dow and the equal-weighted S&P fell and the 10-year returned to 5%. Positioning figures were provisional ahead of one of the largest quarterly expiries on record. This note introduced our AI compute fundamentals overlay.
The index risk has gone. The stock-specific risk has not
Yields fell, oil eased, credit tightened and every equity gamma structure we track flipped positive, with VIX down 12.8%. Dispersion rose even so: total implied equity volatility was almost unchanged, with its composition shifting out of the index and into individual stocks.
Structure repairs while the macro backdrop stays hostile
Dealer positioning improved across the major structures and volatility compressed, but yields and oil kept the macro configuration difficult. A constructive shift in mechanics against an unchanged rates problem.
Concentrated technology risk, not broad equity stress
Semiconductors and AI-linked equities absorbed the bulk of the repricing while breadth outside technology and credit markets held. The distinction between a sector repricing and a systemic event remained intact.
The AI complex has lost its structural protection
Monday's index decline was modest, but semiconductors fell almost 5% and every major equity gamma structure turned negative with the US 10-year reaching 5%. Breadth outside technology and credit both held, so this reads as a concentrated repricing of AI duration risk rather than broad equity stress.
Equity resilience now has to survive a fresh oil shock
A weekend update following the reported shutdown of Saudi Arabia's East-West pipeline. US equity market structure repaired on Friday, but the oil and rates shock has worsened, leaving the near-term distribution negatively asymmetric into the Federal Reserve decision.
Macro pressure is rising, but credit has not broken
A tactical assessment of rising rates, oil, volatility and negative gamma, with credit markets still signalling an orderly rather than systemic risk regime.
Monthly Reports – Oct 2026
The latest monthly portfolio updates across Emit Capital's regional, thematic and flagship strategies.
North America SMA Performance Report – Oct '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Oct '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Oct '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Oct '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Oct '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Monthly Reports – Sep 2026
Archived September 2026 monthly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – Sep '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Sep '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Sep '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Sep '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Sep '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Monthly Reports – Aug 2026
Archived August 2026 monthly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – Aug '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Aug '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Aug '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Aug '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Aug '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Monthly Reports – Jul 2026
Archived July 2026 monthly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – Jul '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Jul '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Jul '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Jul '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Jul '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Monthly Reports – Jun 2026
Archived June 2026 monthly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – Jun '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Jun '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Jun '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Jun '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Jun '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Monthly Reports – May 2026
Archived May 2026 monthly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – May '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – May '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – May '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – May '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – May '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Monthly Reports – Apr 2026
Archived April 2026 monthly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – Apr '26
Monthly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Apr '26
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Apr '26
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Apr '26
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Apr '26
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Quarterly Reports
Archived quarterly portfolio reports and updates across Emit Capital's investment strategies.
North America SMA Performance Report – Q1 2026
Quarterly portfolio update covering performance, attribution, holdings and key developments across North American exposures.
Global Opportunities Portfolio Report – Q1 2026
Portfolio commentary and positioning update for Emit Capital's flagship global strategy across regional and thematic exposures.
AI-Infrastructure SMA Performance Report – Q1 2026
Performance and positioning update focused on AI infrastructure, compute, data centres, networking and digital backbone providers.
Europe / UK SMA Performance Report – Q1 2026
Regional performance update covering holdings, attribution and key industrial and electrification themes in Europe and the UK.
Asia-Pac / Japan SMA Performance Report – Q1 2026
Portfolio update across Asia-Pacific and Japan, including strategic themes, holdings review and current market positioning.
Presentations, Video & Insights
Additional thematic research, presentations and media content from Emit Capital.
Ausbiz: AI’s Next Winners May Not Be Chipmakers
CIO Matt Dever on why last week’s AI sell-off is a repricing rather than a breakdown, the funding pressure building as hyperscalers turn to debt, and why power generation, transmission and grid equipment remain the opportunity further down the AI supply chain.
AI Infrastructure Super-Cycle Presentation
Thematic presentation covering semiconductors, compute, power, data centres and the physical infrastructure enabling AI scale.
The Bond Market Is Whispering Something Beyond Inflation
A forward-looking assessment of macro signals, liquidity conditions and second-order impacts across AI infrastructure and energy markets.
eVTOL Revolution: Flying Toward a Sustainable Future
Commentary on cross-asset market moves, macro risks and the implications for portfolio construction and active risk management.
Stay Close to the Research
For advisers, family offices and sophisticated investors seeking access to Emit Capital strategies, we would be pleased to provide further information.