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In this episode of Allocation Views, Michael Browne from the Franklin Templeton Institute quizzes Oliver Wallin from the Franklin Templeton Investment Solutions team about their latest asset allocation changes in an environment of sticky inflation, geopolitical uncertainty, rising interest rates and growing concerns around AI concentration. The conversation explores whether the current AI investment boom is approaching bubble territory, and how investors can balance the opportunities created by AI.
The discussion also considers the implications for portfolio construction, including the role of emerging markets in diversifying exposure to the AI trade. Also, after the recent Fed move and with central banks expected to continue raising rates, the episode considers whether markets are pricing in too much tightening. Finally, they look at what developments could change the current asset allocation view.
Topics include:
Is the AI investment boom becoming a bubble?
AI concentration, CapEx spending and commoditisation risks
Portfolio positioning and diversification beyond the hyperscalers
The outlook for US, European, UK, Japanese and emerging market equities
Large-cap versus small-cap exposure in a rising-rate environment
Why European equities are becoming more attractive
The case for duration and the outlook for UK gilts
What could change the current risk-on stance
Inflation, energy prices and the path of interest rates
Market seasonality and the outlook for the remainder of 2026
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