BLACK BUSINESS MONTH: XPONANCE CEO TINA BYLES-WILLIAMS

Market Overview & Investment Strategy - Exponence, a multi-strategy investment firm, manages $22 billion in assets across equity, fixed income, and alternative investment strategies [1] - The firm believes the world is undergoing a regime change to a multipolar world, impacting long-term investment implications [5][6] - Exponence emphasizes understanding geopolitical constraints versus preferences when making investment decisions [19][20] - The firm leans towards a value-oriented investment approach, balancing fundamentals with environmental changes [21] Equity Market & AI - The market's earnings expectations for hyperscale AI companies are viewed with skepticism over the next one to two years [8][9] - It remains to be seen whether AI's productivity benefits will translate into sustained earnings for individual companies [9] International Markets - Europe is seen as an interesting market for the balance of the year due to fiscal space, reduced intracontinental barriers, and favorable regulatory environment [10][11] - The firm is bullish on European private equity and domestically focused sectors like telecommunications [12] Private Markets & Alternative Investments - Private markets are primarily an institutional play, with tailwinds for European small-cap and private markets [13] - Including private markets in long-dated target date or target risk portfolios for retail investors (through 401ks) is acceptable with appropriate guard rails [15]