Core Viewpoint - U.S. stock futures increased on the first full trading day of the year, with international markets also showing gains and some major indexes reaching new record highs [1] Group 1 - U.S. stock futures rose, indicating positive market sentiment at the start of the trading year [1] - International markets experienced gains, reflecting a broader global market uptrend [1] - Major indexes recorded fresh all-time highs, suggesting strong investor confidence and market performance [1]

Core Insights - Broadcom Inc. reported total revenue of $18.02 billion for the quarter ending October 2025, reflecting a 28.2% increase compared to the previous year [4]. International Revenue Performance - Asia Pacific region generated $10.8 billion in revenue, accounting for 60% of total revenue, surpassing the consensus estimate of $9.61 billion by 12.46%. This marks an increase from $8.96 billion (56.2%) in the previous quarter and $7.93 billion (56.4%) in the same quarter last year [5]. - Revenue from Europe, the Middle East, and Africa was $2.33 billion, representing 13% of total revenue, which was below the expected $2.57 billion by 9.14%. This is an increase from $2.27 billion (14.2%) in the previous quarter and $2.1 billion (15%) in the same quarter last year [6]. Future Revenue Expectations - Analysts project Broadcom Inc. to report $19.23 billion in total revenue for the current fiscal quarter, indicating a 28.9% increase from the year-ago quarter. The Asia Pacific region is expected to contribute 49.3% ($9.48 billion) and Europe, the Middle East, and Africa 13.2% ($2.54 billion) to this total [7]. - For the full year, total revenue is anticipated to reach $92.51 billion, reflecting a 44.8% increase from the previous year, with Asia Pacific and Europe, the Middle East, and Africa expected to contribute 44.5% ($41.17 billion) and 11.8% ($10.93 billion), respectively [8]. Market Dependency and Trends - Broadcom Inc.'s reliance on international markets for revenue presents both opportunities and challenges, making the monitoring of overseas revenue trends crucial for predicting future performance [9]. - The increasing interdependencies and geopolitical conflicts necessitate close monitoring of these trends by analysts to adjust earnings forecasts accordingly [10].

Debt Offerings - Kyrgyzstan is planning to increase its presence in international markets through more debt offerings [1] Stablecoin Initiatives - Kyrgyzstan is advancing a gold-backed stablecoin project [1]

Market Trends & Opportunities - Macroeconomic environment is constructive for risk assets heading into 2026, identifying opportunities across small caps, international markets, and fixed income [1] - Small caps, as indicated by the Russell 2000, are up nearly 10% this year, while the S&P 500 is up approximately 135% [2] - International developed markets are up 25% this year [10] - Broadening of equity markets is expected, with opportunities across sectors within the S&P 500, particularly in AI and healthcare [7][8] Federal Reserve & Interest Rates - Anticipation of Federal Reserve rate cuts has positively impacted small caps [2][3] - Small cap performance is correlated with the perceived probability of Fed rate cuts [3][4] - Expectation of Fed rate cuts makes it sensible to build income in portfolios beyond government bonds [13] Small Cap Innovation & AI - Small caps are seen as AI innovators with opportunities in niche markets, not directly competing with hyperscalers [4][5][6] - There are opportunities for small caps to compete in niche AI markets [5] International Markets - Fiscal expansion in Germany and a new administration in Japan supportive of fiscal expansion are expected to drive growth in international markets [9] - International markets are expected to continue outperforming the US, though not necessarily at the expense of the US market [10][11] Investment Strategies - Downside protection is important in portfolios due to market uncertainty and complexity [12][13] - Strategies for generating higher yields include international stocks with higher dividend yields, securitized high yield, and option-based income strategies within the S&P 500 [13][14] - Exposure to mega-cap tech AI hyperscaler trade should be market cap neutral [15]

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Emerging Markets and International Investments - Emerging markets and international investments are experiencing renewed interest after a decade of underperformance, driven by a weaker dollar, easing Federal Reserve policies, and a rebound in China [2][3][4] - Advisors had a roughly 2-3% exposure to emerging markets, significantly underweight compared to the MSCI recommendation of approximately 12% [3] - A counter-trend rally in the dollar and ongoing uncertainty around tariff negotiations could derail investor enthusiasm for international markets [5][6] - Investors are adopting more creative strategies in approaching emerging markets, moving away from cap-weighted approaches towards active or factor-based strategies [7] - Greece and Argentina are highlighted as specific countries with significant value opportunities due to political and fiscal turnarounds [8][9][10] - Greece's market trades just above book value after running up about 70% year-to-date, with a 6% dividend yield and 10% earnings growth [9] - Argentina's market cap to GDP is at 11%, compared to 38% for Brazil, 45-47% for Chile, and close to 200% for the US [13][14] Energy Sector and Infrastructure - Investors are shifting from traditional energy ETFs like XLE, which experienced over 7 billion USD in net outflows year-to-date and over 13 billion USD in net outflows over the past three years, towards energy infrastructure [22] - Energy infrastructure strategies, including AMLP, have seen 16 billion USD in net inflows year-to-date, with AMLP alone receiving 950 million USD in net inflows in 2025 [23][24] - The utility sector, represented by XLU, has seen 27 billion USD in net inflows year-to-date [26] - The US needs to produce about 45% more electricity than it produces today by 2040 after almost two decades of stagnant demand [28]

Market Volatility & Geopolitical Risks - Increased volatility and building risks are observed due to the unpredictable nature of US government actions and their potential misalignment with business objectives [2][4] - US government interference introduces uncertainty, impacting long-term revenue prospects for companies like NVIDIA and AMD, despite short-term gains from revised sales policies in China [3][4] - Investors are seeking strategies to hedge against market volatility, especially considering the concentration of equity benchmark gains in a few names [5] Investment Strategies & Diversification - Diversification away from highly valued US equities towards sectors with growth potential is recommended [6] - Buying put options is considered as a hedging strategy against potential market sell-offs and valuation corrections [6] - Diversification of portfolios is favored over betting against specific companies, with a focus on mitigating downside risk [9][10] International Opportunities - International companies are poised to gain market share, presenting opportunities in international markets as US technology companies are perceived as fully valued [7] - Opportunities are emerging in European military and defense technologies, as well as Asian foundries and chipmakers like TSMC (Taiwan Semiconductor Manufacturing Company), Samsung, and SK Hynix [12][13] - The industry anticipates increased technology spending in Europe driven by defense-related investments [11]

Market Overview & Strategy - The market has largely priced in positive news, suggesting limited further upside and increased downside risk if earnings disappoint [1][7] - Strategy Asset Managers favors international markets due to the depreciating dollar, creating advantages for certain stocks [2] - A weak dollar is generally beneficial for US net exporters and should aid international stocks through translation effects [6][8] - The firm advises clients to look beyond short-term market noise and maintain a confident long-term outlook [5] Investment Opportunities - Marcato Libre, an e-commerce and fintech company with exposure to Argentina, is favored due to growth potential in Latin America, which is considered greater than in Europe [3] - The healthcare sector, particularly biotechnology and pharmaceuticals, is highlighted as a key area of focus [13] - Eli Lilly (Lily) is favored for its potential in the GLP-1 drug market, targeting the billion people globally who are obese [13] - Next-generation vaccines and personalized cancer vaccines represent exciting advancements in biotechnology [14] Monetary Policy & Economic Factors - The market anticipates the Federal Reserve to implement rate cuts, potentially starting towards the end of the year [10] - The high US deficit necessitates eventual rate cuts, although the timing remains uncertain [10][11]

International Market Performance - International markets have underperformed for an extended period, prompting consideration of potential investment opportunities [1] - The S&P 500 has been the worst-performing market year-to-date, underperforming both core emerging and developed markets [2] - A weaker dollar (down more than 10%) and shifts in international allocations away from the S&P 500 contribute to this deviation [3] - There's increasing discussion in Europe and the UK about redomiciling retail and retirement assets to reduce US investment [3] - International diversification can be beneficial, especially for portfolios heavily biased towards US investments [5] US Market Analysis - The US market is considered the most liquid, with a significant number of large global companies domiciled there (21 of the 25 largest) [7] - US exceptionalism may not be over, and significantly shifting investments to countries like Germany could be a tactical mistake [9] Investment Strategy - It's not advisable to abandon the S&P 500 entirely for international markets [4] - Investing in Europe might be a bet on cheap beta or a specific factor [8] - Over 95% of international markets are small to mid-cap companies (SMID) [7]

Market Performance - Aurora Cannabis shares experienced a decline [1] - The company anticipates "temporary declines" in its international markets, including the U S [1]