![\"\"](\"http:\/\/gqhongkong.com\/wp-content\/uploads\/2026\/09\/DBS-PB-0271-1024x683.jpg\")
<\/figure>\n\n\n\nIn equities, top-down country allocation may be less important than bottom-up stock selection. The rally has been narrow and led largely by AI-related names. Momentum can continue when supported by earnings, but investors should not mistake momentum for broad market strength. A balanced approach may pair AI exposure with sectors less exposed to technology, while favouring businesses with lower energy intensity. The discipline is not unlike building a serious watch collection. Value is rarely found in abundance. It lies in quality, provenance, scarcity, and the ability to endure beyond the current season. Portfolios require the same discipline.<\/p>\n\n\n\n
In fixed income, selectivity is also essential. If inflation remains elevated and bond yields are skewed to the upside, investors should focus on quality issuers with strong fundamentals and the ability to repay debt. In corporate credit, we maintain a preference for short-to-medium duration for bond portfolios. Within EM, selectivity remains critical, favouring markets that possess: (1) energy independence, (2) policy credibility, and (3) adequate risk compensation.<\/p>\n\n\n\n
Alternatives also have a larger role. A constructive stance on gold remains warranted despite mediumterm inflation headwinds, supported by de-dollarisation and monetary debasement. Hedge funds may serve as portfolio stabilizers as traditional stockbond diversification weakens. In private markets, widening dispersion reinforces the need for high-quality managers and resilient assets.<\/p>\n\n\n\n
At the same time, the world is entering a new capex supercycle, driven by AI and energy. Hyperscalers are spending heavily as compute demand exceeds supply, while sovereign AI initiatives add strategic urgency. In energy, underinvestment and renewed security concerns are driving capex across the value chain.<\/p>\n\n\n\n
Attractive opportunities may lie in \u201cpick-and-shovel\u201d beneficiaries: semiconductor ecosystems, networking, specialised hardware, and oil services and equipment providers. These may not be the most visible names, but they are essential to the infrastructure being built.<\/p>\n\n\n\n
Investors do not need to retreat from risk, nor should they assume every portfolio requires wholesale reconstruction. The practical message is that portfolios should be reviewed for a different regime: one where inflation is more persistent, geopolitics matters more, energy security is central, and capital investment is rising. Resilience is built before volatility arrives. Investors who understand that will be better placed for the investment landscape now taking shape.<\/p>\n\n\n\n Investments involve risks. In Hong Kong, DBS Private Bank is the private banking division of DBS Bank (Hong Kong) Limited<\/em><\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Until recently, investors relied on familiar![\"\"](\"http:\/\/gqhongkong.com\/wp-content\/uploads\/2026\/09\/Hou-Wey-Fook-1024x1024.jpg\")
\nassumptions. Inflation would fall back
\ntowards target. Central banks had room to
\nsupport markets when growth weakened.
\nBonds would protect portfolios when
\nequities came under pressure.<\/p>\n","protected":false},"author":25,"featured_media":70282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[249],"tags":[3061],"authors":[],"class_list":["post-70120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle-en","tag-gq-wealth"],"acf":[],"yoast_head":"\n