When Tangible Wins

Investors are rotating away from AI-vulnerable digital services into tangible assets like infrastructure and utilities, favoring the GSXEPHYS basket which has significantly outperformed the broad market YTD.

Key Takeaways

• 1.Investor interest is shifting from digital services toward physical assets to hedge against AI-driven disintermediation.
• 2.The GSXEPHYS basket, tracking infrastructure, real estate, and utilities, is the recommended vehicle for tangible asset exposure.
• 3.Physical asset valuations are expected to re-rate further, with an estimated 20% upside potential to reach pre-ChatGPT highs.

Table of Contents

• Markets outside Tech have been starved of capex since the Financial Crisis
• Global Strategy Views: Getting Real – The Return of Physical Assets
• The basket also displays a superior dividend yield vs. the broader market

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