The landscape of equity markets is undergoing profound changes, offering a historic opportunity for active investors. In a market increasingly dominated by passive investment strategies and marked by heightened volatility, active management has become an essential tool for addressing these dynamics. Recent trends underscore this shift, with a record number of stocks experiencing substantial price swings around earnings releases. This environment presents plenty of opportunities for long-term, fundamentally driven investors to achieve superior performance.

Over the past few years, investing in China has become a challenging undertaking. The MSCI China index has plummeted over 50% from its 2021 peak to recent lows, leaving investors wary and questioning the future of the world's second-largest economy.

Investing in the semiconductor industry can be quite complex. It is, in fact, a very technical industry from a technology perspective, and the prospects of the companies within the industry are influenced by multiple factors such as the execution of their innovation roadmap, the structural and cyclical health of the addressed end markets, and more recently, by geopolitics. In recent months, the debate in the market has centred around the state of the cycle and whether we have already passed the peak. Here’s our perspective on the outlook for the industry.