Investment Strategy Quarterly - April 2026

Geopolitical Escalations Reinforce the Case for Energy Security, Defined Outcome Strategies and Structural Themes.

Three key themes are emerging in markets: energy supply disruptions, the growing attractiveness of defined-outcome strategies, and the competition to construct the infrastructure stack for artificial intelligence.

Key takeaways:

• Commodities: Concerns about energy security offer support for the investment case for uranium and nuclear power and lithium and battery technology. Silver may offer a timely entry point, as recent price weakness appears to be technical rather than fundamental.
• Thematic: Networking and optical interconnects provide investors with significant demand visibility throughout the AI value chain.
• Risk Management: Defined Outcome Strategies may help restore portfolio resilience in today’s higher volatility and correlation environment by providing structured downside protection while maintaining capped equity participation.

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This document is not intended to be, or does not constitute, investment research as defined by the Financial Conduct Authority.