Thinking beyond AI: bonds, EM and energy...
A dialogue with leading investors enriches the debate and helps define the trends that really matter. Asset managers are on the front line of security selection, liquidity management and positioning — a different lens from a private bank’s, and one worth holding up against our own.
For this episode, we’re delighted to sit down with Xavier Baraton, Global CIO, HSBC Asset Management. The AI trade has delivered outsized alpha, but it’s also reshaping some of the established market wisdom— bond-equity correlations are behaving differently, and beta across emerging markets is fracturing into distinct stories rather than one trade. So where does real conviction sit today? And while AI has driven this cycle so far, what carries it from here?
The accompanying CIO Exchange report is available exclusively to HSBC clients. If you’re interested, please reach out to your HSBC Relationship Manager or Investment Counsellor.
In this video, Willem Sels, our Global CIO, and Xavier Baraton, Global Chief Investment Officer, HSBC Asset Management get together to debate and discuss on:
- AI’s real-world impact on jobs, growth and inflation — and where earnings visibility sits across the AI stack (infrastructure, chips, cloud, applications)
- Why bond markets feel uneasy (Fed uncertainty and shifting supply dynamics) — and how to think about income and diversification in this regime
- Emerging markets as differentiated opportunities — the split between energy exporters/importers and AI supply-chain winners, with Asia a key focus
- Durable structural themes beyond AI — what it takes to run AI at scale (electricity, grids, energy security), plus infrastructure and valuation dislocations/under-owned regions