Dan Appleby

The investment landscape is shifting—and your clients need your guidance more than ever. In Blackfinch’s latest CIO Outlook, Chief Investment Officer Dr. Dan Appleby challenges the long-standing belief in "There Is No Alternative" (TINA) to US equities and introduces a compelling new paradigm: There Is an Alternative (TIA).

Key Takeaways for Financial Advisers & Paraplanners:

• US Dominance Under Threat: After years of tech-fuelled outperformance, US equities—especially AI-driven giants like Nvidia—are facing competition. China’s DeepSeek has disrupted the narrative with a lower-cost rival to ChatGPT, casting doubt on US tech’s unassailable lead.

• Geopolitical Repricing: A more isolationist second Trump term and a strained transatlantic alliance have spurred Europe to boost its military independence—led by Germany's historic €500bn+ infrastructure and defence stimulus.

• Global AI Race Ignites: While US Big Tech continues to pour capital into AI, emerging markets and European firms are now credible contenders in the AI arms race. Diversification is no longer just smart—it’s essential.

• European Equity Resurgence: The German DAX and European defence stocks have surged, while the S&P 500 lags. Could this signal a long-term rebalancing in global market leadership?

• Investment Strategy Update: With structural shifts underway, now is the time to revisit portfolio allocations. European and emerging markets offer new avenues for growth, while diversified multi-asset strategies help mitigate volatility.

Why Read the Full CIO Q2 2025 Outlook?

If your clients are asking:

• “Is now the time to shift away from US equities?”

• “How do we position portfolios for an AI-driven future?”

• “What does growing European independence mean for markets?”

...then the Q2 2025 CIO Outlook has the answers. Backed by in-depth analysis and data-driven insights, this report equips you to deliver informed, forward-looking advice in an increasingly multipolar market environment.

Link to full outlook: https://tinyurl.com/CIOOutlookQ22025

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