Core Insights - The 2026 Global Investor Outlook by Colliers indicates a shift in investor behavior towards active capital deployment and diversification across sectors and regions, driven by improving market fundamentals and returning liquidity [1][2][3] Investment Strategies - Nearly 49% of investors prefer direct investments and separate accounts, with a growing interest in platform joint ventures and M&A, while private equity and secondary funds are increasingly targeting property-owning entities and operating businesses [2][3] - A significant 37% of investors are leaning towards core and core-plus strategies, despite only 9% of real estate funds being raised in these areas, highlighting a disconnect between investor appetite and fund orientation [2] Market Dynamics - Multi-regional strategies now account for nearly 30% of global fundraising, with North America’s share decreasing from 50% in 2024 to 40% in 2025 YTD, while Europe and Asia Pacific saw increases of 50% and 130% year-on-year, respectively [3] - Data centres have become the second-most popular asset type, representing 31% of global real estate funds raised from Q1 to Q3 2025, while offices are experiencing a global rebound [4][5] Sector Performance - Industrial, multifamily, and retail assets continue to attract capital, particularly in markets with strong fundamentals and limited supply, focusing on logistics hubs and urban residential growth corridors [6] - Investors are increasingly looking to reposition existing assets for value creation, with a focus on adaptive reuse in supply-constrained markets, particularly in APAC and Europe [7] Regional Insights - In the United States, pent-up capital and attractive valuations are driving renewed activity, especially in multifamily, industrial, and data centres [12] - Europe remains a key destination for global capital, with office and industrial sectors leading a rebound amid improving liquidity [12] - APAC is witnessing robust growth prospects, boosting demand for office, logistics, and emerging alternatives like data centres and student housing [12] - Canada’s appeal as a safe haven, along with supply constraints in multifamily and retail sectors, is enhancing investor confidence [12]

Core Message - The importance of global diversification in investment strategies is emphasized, highlighting that limiting investments to India may result in missed opportunities and safety nets [1][17]. Investment Strategies - Financial experts at Mint Horizons discussed practical tips for finding global investment opportunities, particularly through GIFT City, India's new financial hub [2][4]. - Saurabh Mukherjea pointed out the low correlation between Indian and US markets, suggesting a portfolio allocation of 60% in India and 40% in dollar-based assets for average Indian investors [3]. GIFT City Developments - GIFT City is emerging as a key gateway for Indian and global investors to access overseas assets efficiently, supported by regulatory and product innovations [4][5]. - Marcellus Investment Managers launched a NASDAQ ETF in GIFT City, enabling corporates to invest up to half of their net worth abroad under the new Overseas Portfolio Investment regime [5]. Fund Offerings - PPFAS has established a Foreign Portfolio Investor retail license in GIFT City, allowing for the launch of globally diversified portfolios [6]. - DSP Mutual Fund introduced a retail fund in GIFT City with a minimum investment of $5,000, aiming for long-term dollar returns of 12-13% [7]. Unique Investment Opportunities - Investing internationally allows access to asset classes unavailable in India, such as gold mining, as highlighted by Vivek Iyer [9][10]. - Dharmendra Jain discussed a bottom-up approach to a Global Innovation Fund, with significant exposure to the US and Far East markets [11]. Emerging Markets - Aashish P Somaiyaa presented a case for investing in emerging markets outside India, noting a correlation of 0.6 with Indian markets, which can complement Indian investments [12]. Digital Platforms and Taxation - Digital platforms are simplifying the process of international investments, with expectations of a significant increase in the number of investors in the coming years [14][15]. - Taxation structures for investments routed through GIFT City are favorable, with potential tax-free benefits for investments made from jurisdictions like Dublin [16].

Core Insights - Investors may overlook growth-oriented, profitable companies generating free cash flow (FCF) due to home country bias, but can benefit from international exposure through the VictoryShares International Free Cash Flow Growth ETF (GRIN) [1] Group 1: ETF Overview - GRIN tracks the Victory International Free Cash Flow Growth Index, targeting high-growth, international large-cap companies with potential for compounding FCF generation over time [2] - The Index uses FCF as a forward-looking measure, filtering companies based on FCF trends, FCF to return on invested capital, and growth prospects [2] Group 2: Importance of FCF - FCF is a key metric for assessing sustainable growth companies, indicating their ability to reinvest, offer dividends, or buy back stock, all contributing to shareholder value [3] - GRIN's indexed approach focuses on international companies exhibiting these characteristics, helping diversify portfolios concentrated in U.S. equities [3] Group 3: Notable Holdings - Rolls-Royce Holdings, a British aerospace and defense company, is a top holding in GRIN with a 3.88% allocation, potentially benefiting from increased military spending in the EU [4] - Siemens Energy, a German company, is experiencing record orders due to power demands from AI applications, crucial for Europe's power grid [5] - Siemens is also a leading wind power company, contrasting with the U.S. political agenda, highlighting missed opportunities for investors with a home country bias [6] - Sea Limited, based in Singapore, has seen a nearly 70% increase in value for the year as of 8/31/2025, capitalizing on e-commerce strength in Southeast Asia [7] Group 4: Diversification Strategies - For global diversification, investors can pair GRIN with other VictoryShares ETFs, such as the value-oriented VictoryShares Free Cash Flow ETF (VFLO), which focuses on high-quality, large-cap U.S. stocks [8] - The VictoryShares Free Cash Flow Growth ETF (GFLW) provides exposure to U.S. companies with high FCF profitability and growth potential [9]

Group 1 - The article emphasizes the importance of global diversification in investment portfolios to complement core investments in US markets [1] - It highlights the iShares MSCI ACWI ex U.S. ETF as a classical market benchmark for global diversification [1] Group 2 - The author has a strong background in finance, with expertise in corporate finance, M&A, and investment analysis, particularly in real estate and renewable energy sectors [1] - The article aims to share insights and analysis with a global audience, fostering informed investment decisions [1]

Core Insights - Walmart Inc. has maintained investor momentum with a stock increase of 21.5% over the past six months, driven by robust strategies and operational excellence, raising questions about whether its strong fundamentals can justify its high valuation moving forward [1][17]. Stock Performance - Over the last six months, Walmart's stock has outperformed the broader industry, which rose by 17.7%, the Zacks Retail – Wholesale sector's growth of 15.1%, and the S&P 500's increase of 19.8% [2]. - Walmart's stock closed at $102.65, just 2.5% below its 52-week high of $105.3, indicating strong upward momentum and price stability [4]. Competitive Positioning - Walmart has outperformed competitors like Kroger, Costco, and Target, with Kroger and Costco shares rising by 1.7% and 8.3%, respectively, while Target's shares fell by 12.4% [3]. Financial Performance - In Q2 fiscal 2026, Walmart's total revenues reached $177.4 billion, a 4.8% year-over-year increase, with comparable sales in Walmart U.S. up 4.6% [9]. - E-commerce sales surged by 25% globally, with Walmart U.S. experiencing a 26% increase, supported by delivery and marketplace gains [10]. Growth Drivers - Walmart's digital transformation has created a fast-growing e-commerce ecosystem, enhancing customer loyalty and operational efficiencies [10]. - High-margin businesses, including advertising and membership income, are contributing to Walmart's growth, with international markets like China and Mexico driving double-digit growth [11]. Future Outlook - For fiscal 2026, Walmart anticipates consolidated net sales growth of 3.75-4.75% and adjusted EPS in the range of $2.52-$2.62, indicating growth from the previous fiscal year [13]. - Analysts have recently upgraded their earnings estimates for Walmart, reflecting optimism about its prospects [15]. Valuation - Walmart is currently trading at a forward P/E ratio of 36.73, higher than the industry average of 32.87, indicating strong investor confidence but also potential risks if growth slows [17].

Core Insights - Both US and international markets have performed well in 2025, highlighting the importance of global diversification for long-term investors [1][2] - Investing across multiple countries allows investors to benefit from gains in some markets while mitigating losses in others [2] ETF Analysis - Vanguard Total World Stock ETF (VT) holds nearly 10,000 stocks from over two dozen countries, with an annual fee of just six basis points [3][4] - This ETF tracks the Footsie Global All Cap Index, which includes stocks of all sizes and is market cap weighted, focusing more on larger companies [4][5] - The ETF has shown resilience, cushioning losses during US stock declines by benefiting from surges in international markets [6] Risk Management - Isar's MCI Global Minimum Volatility Factor ETF aims to limit volatility while investing across more than two dozen countries, charging 20 basis points annually and earning a silver Morning Star Metalist rating [7][8] - This ETF employs a holistic view of volatility and risk, ensuring a focus on low volatility without compromising performance [8] Bond Investment - JP Morgan International Bond Opportunities ETF (JPIB) is actively managed, charging 50 basis points annually, and is designed for risk-conscious bond investors [9][10] - The fund limits US exposure to 20% of the portfolio, allowing for a broader global investment strategy [10] - Over the last five years, this ETF has outperformed both the category average and the category index, demonstrating effective risk management [11]

Investment Rating - The report indicates an improved sentiment towards A-shares, with a weighted Morgan Stanley A-share Sentiment Indicator (MSASI) at 66%, up 5 percentage points from the previous cutoff date [2][8]. Core Insights - Investor sentiment has improved significantly, with a higher willingness to allocate to Chinese equities driven by global diversification demand and increased confidence in technology and new consumption sectors despite a challenging macroeconomic environment [1][15]. - The London trade talks between the US and China have led to a Framework Agreement, although the scope may be limited, focusing primarily on non-tariff measures [4]. - Southbound trading recorded net inflows of US$2.4 billion from June 5 to June 11, contributing to a year-to-date total of US$86 billion [3]. Summary by Sections Investor Sentiment - A-share investor sentiment has improved, with the weighted MSASI rising to 66% and the simple MSASI to 53% [2][8]. - Average daily turnover for ChiNext, A-shares, equity futures, and Northbound increased by 18%, 14%, 5%, and 3% respectively compared to the previous cycle [2]. Trade and Economic Developments - The London trade talks are seen as a step forward but may not resolve structural tensions such as the trade deficit and fentanyl-related issues [4]. - China has partially suspended its consumer goods trade-in programs due to funding limitations and subsidy rollout issues, but a complete suspension is deemed unlikely [5]. Market Performance - MSCI China reported earnings in line with consensus for the first quarter of 2025, with a slight decline of 3.8% in the number of companies reporting, but a weighted surprise of 3.1% [13]. - The report advises investors to focus on technology and innovation sectors, preferring offshore investments over onshore A-shares in the near term [14].

Summary of TPG Conference Call Company Overview - **Company**: TPG (TPG) - **Industry**: Alternative Asset Management - **Assets Under Management**: Over $250 billion [2] Key Points and Arguments Leadership and Company Evolution - Todd Csisiski has been with TPG since its inception and has evolved from leading healthcare investments to becoming President, focusing on strategic growth and collaboration [3][5][6] - TPG emphasizes a culture of performance and collaboration, with a flat organizational structure that encourages participation from all professionals [11][12] Macro Environment and Portfolio Performance - The global economy has shown resilience despite volatility, with TPG's private equity revenue growth reported at 18% and EBITDA growth at 24%, significantly outperforming the S&P [15][16] - TPG focuses on secular growth areas and has maintained a cautious approach to macroeconomic conditions, which has contributed to strong portfolio performance [17][18] Capital Markets and Investment Pipeline - TPG remains active in capital markets, with a healthy pipeline of proprietary deals, particularly in private equity, credit, and real estate [20][22][24] - The firm has seen opportunities in distressed assets and is not heavily exposed to U.S. office markets, allowing for strategic investments [26][27] Geographic Focus and Investment Opportunities - TPG identifies compelling opportunities in Europe, particularly in technology, healthcare, and real estate sectors [29][30] - In Asia, TPG is focusing on Australia, India, and Southeast Asia, while being less active in China due to regulatory uncertainties [30][31] Exit Activity and Liquidity - TPG has been proactive in exit strategies, with 60% of private equity exits to strategic buyers, and has maintained good liquidity despite market volatility [38][39] - The firm has successfully executed multiple exits in 2023, indicating a strong liquidity position [39] Fundraising and Investor Relations - TPG expects to raise significantly more capital in 2025 compared to 2024, with strong interest in their flagship funds [45][46] - The firm is experiencing differentiated interest from investors due to its strategic approach and strong performance metrics [46][49] Credit and Structured Finance - TPG is optimistic about its credit business, particularly after the acquisition of Angelo Gordon, and is seeing strong demand for structured credit products [55][57] - The firm is focusing on cross-selling opportunities and expanding its credit offerings, which have seen significant growth since the acquisition [58] M&A Strategy - TPG is open to both organic and inorganic growth, with a focus on platform transactions that enhance existing capabilities [64][66] - The firm is actively exploring strategic partnerships, particularly in the insurance sector, to enhance its service offerings [68][70] Cultural Integration Post-Acquisition - The integration of Angelo Gordon has been successful, with a strong emphasis on collaboration and shared values between the two firms [60][62] Additional Important Insights - TPG's approach to investment is characterized by a focus on operational capabilities and strategic partnerships, which has led to unique deal sourcing opportunities [23][28] - The firm is positioning itself to capitalize on the growing demand for climate-related investments, reflecting a broader trend in the market [51][52]