If you ask AI if AI is a big issue for investors, it gives an interesting response. “Yes, AI is a major investment issue,” it says. Then it notes: “It is a foundational theme across virtually every sector of the economy driving trillions of dollars in capital expenditure, though high valuations and uncertainty over the realisation of future earnings present notable concerns.”
As a summary, that is pretty good.
Providing an even better insight for investors is Richard Tomlinson, CIO at LPPI, who, on page 10 highlights how AI was the theme of 2025. He also considers the portfolio exposure AI can bring and why this needs careful thought.
On the same theme, Raphael Olszyna-Marzys assesses the hype versus the reality of AI, pondering how much optimism about AI is baked into US stock prices (page 12), unearthing some interesting nuances along the way.
When it comes to nuances, John Wyn-Evans and Oliver Jones, set out seven market nuances to look out for in 2026. Inevitably, AI is one of those. To find out what the other six are turn to page 14.
Change is a key theme for investors when it comes to everything from geopolitics to technological developments. Border to Coast’s Anthony Petalas assesses what these changes mean when seeking out opportunities, observing investors need a positive mindset (page 16).
His Border to Coast colleague Simon Cunnington also identifies three investor trends that investors can exploit as the government pushes policies on a number of investment-related fronts (page 8).
Indeed, there is a case for investors to invest in UK assets. This is presented by Morningstar’s Monika Calay on page 6, as she takes a deep dive into the opportunities and challenges of UK assets
In a highly amusing, but also thought provoking Last Word, Con Keating tracks the many significant changes that have shaped our world since the publication of the first portfolio institutional in 2010. His observations can be read on page 22.
And these are my last words as editor of portfolio institutional. As this is, after 16 years and 147 issues, the final issue. Although I have been responsible for only a fraction of those.
My predecessor Mark Dunne must take much credit for helping to establish the portfolio institutional brand, strongly supported by the events and commercial teams.
It has been a pleasure writing for you. Thank you to so many of you for your support.
Adieu.
Andrew Holt
Editor
