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 momentum
• How 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 index
• What'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 chain
• Why valuations remain attractive, especially relative to U.S. equities, and what that could mean for forward-looking returns
• How 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 disruptions

Our 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 higher
• How yields moved 50 basis points in three weeks — and why bonds have not been the haven investors expected
• Why markets have shifted from pricing two rate cuts to a 50% probability of a hike
• Why energy stocks and natural resources have been the standout diversifiers
• What three possible outcomes for equities look like from here — and why the stalemate scenario may be the most underappreciated risk
• Why staying at target equity exposure remains the right call for long-term investors

Our 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 quality
• How the structure of public and private BDCs can create a misleading picture of underlying risk
• What a high-profile redemption story actually revealed about how these vehicles are designed to work
• What the current data is showing about the health of private credit portfolios
• Why where you sit in the capital structure matters more than headlines suggest
• How diversification remains the most important tool for managing risk in private credit today

For 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.