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.

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 inflation
• What the difference is between an inflationary growth environment and a stagflationary shock, and which one markets are currently pricing in
• What the oil futures term structure is signaling about how long the market expects the disruption to last
• Why the case for staying short to intermediate on duration in fixed income remains intact
• How diversified equity portfolios, including exposure beyond mega-cap technology, held up better than expected last week
• Why real assets, including natural resources, infrastructure and real estate, remain a core part of the portfolio thesis in this environment

For 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 debt
• What an inflationary growth backdrop could mean for real estate's role going forward
• Why selectivity matters more now, by asset, strategy and region
• How multifamily conditions differ across markets as new supply works through the system
• Where opportunistic approaches may find openings, including parts of office at the right price

For 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 2026
• What inflationary growth can mean for cash and bonds
• Why duration risk matters if rates rise
• Where credit and structured fixed income may fit
• Why equities can benefit, unless policy turns restrictive
• Why real assets may play a bigger role when pricing can adjust

Sam 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 late
• Why Q3 distributions rose, led by a handful of large deals
• How the post-2021 reset changes what "normal" looks like now
• Why vintage-year pacing still matters when liquidity supports it
• Where we are looking: materials for the AI buildout, plus power and energy demand
• Why "picks and shovels" can limit reliance on one winner

Improving 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 term
• Why Sam sees U.S. fundamentals as strong entering 2026
• What could shift the outlook: weaker jobs, softer spending or slowing AI capex
• Why productivity matters for margins and inflation
• How geopolitics can rattle markets without changing the economic base
• Why global investors have used gold as a hedge during uncertainty

In 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.