2 March 2026
Paul Kalogirou, Head of Client Portfolio Management, Asia & Global Multi-Asset Solutions

Recent geopolitical tensions involving Iran have renewed focus on oil prices and their potential economic and market effects. Paul Kalogirou, Head of Client Portfolio Management, Asia & Global Multi-Asset Solutions, shares latest views on it.
China Fixed Income: From deflation to reflation: what comes next?
Not another bubble: How semiconductors are powering a real future
Semiconductors sit behind almost every modern experience – from smartphones and cars to cloud computing and today’s AI tools – yet they remain largely invisible to most people. They are more than chips only, and the demand is being supported by several long-term forces. We believe that today’s semiconductor excitement is not a repeat of the dot-com bubble, as investment is tied to real infrastructure and revenue-generating services. And the opportunity is broader than a handful of headline AI names.
Global Equity Diversified Income (GEDI) strategy update: Risks and opportunities
In early April, developments in the Middle East showed signs of stabilisation, prompting a partial recovery and renewed risk-taking in equity markets. However, beyond ongoing geopolitical risks, other factors—including potential private credit contagion across banks and broader financials—continue to pose downside risks. Despite these uncertainties, we believe an income centric approach, combined with global diversification across growth, value and income equities, has provided both downside resilience and upside participation for the Global Equities Diversified Income (GEDI) strategy.
China Fixed Income: From deflation to reflation: what comes next?
Not another bubble: How semiconductors are powering a real future
Semiconductors sit behind almost every modern experience – from smartphones and cars to cloud computing and today’s AI tools – yet they remain largely invisible to most people. They are more than chips only, and the demand is being supported by several long-term forces. We believe that today’s semiconductor excitement is not a repeat of the dot-com bubble, as investment is tied to real infrastructure and revenue-generating services. And the opportunity is broader than a handful of headline AI names.
Global Equity Diversified Income (GEDI) strategy update: Risks and opportunities
In early April, developments in the Middle East showed signs of stabilisation, prompting a partial recovery and renewed risk-taking in equity markets. However, beyond ongoing geopolitical risks, other factors—including potential private credit contagion across banks and broader financials—continue to pose downside risks. Despite these uncertainties, we believe an income centric approach, combined with global diversification across growth, value and income equities, has provided both downside resilience and upside participation for the Global Equities Diversified Income (GEDI) strategy.