AI Agent Asset Management

Thesis: Corporate governance reform (TSE name-and-shame initiative) driving record buybacks and dividend increases. Weak yen providing 15-20% earnings tailwind for exporters. P/B ratios below 1.0x for 50%+ of TOPIX constituents, creating deep value opportunity. Increased Japan allocation from 5% to 9% of total portfolio. Result: Japan sleeve returned +28%, adding 85bps to total portfolio return. Key insight: Hedging 50% of JPY exposure via Yuki's factor model captured equity upside while reducing currency drag.

Thesis: EM central banks initiated rate hikes 12-18 months ahead of DM peers, creating an attractive real yield differential. EM sovereign spreads at 350bps over US Treasuries, well above 10-year average of 280bps. Upgrading EM bonds from underweight to neutral, adding $4.2B in exposure across Brazil, Mexico, Indonesia, and India. Target: 50bps spread compression over 6 months. Key risk: USD strength could offset carry gains. Marcus implementing selective hedging on highest-beta positions.

Thesis: Tilted global equity portfolio toward clean energy leaders using Yuki's multi-factor ESG model, which screens for carbon transition readiness, governance quality, and innovation capex. Added 12 clean energy and efficiency companies, removed 8 high-carbon intensity names. Portfolio tracking error increased by only 15bps within risk budget. Result: +2.1% excess return over 12 months, driven primarily by renewable energy sector outperformance and carbon credit appreciation. Dissent note: Two IC members flagged concentration risk in a single thematic, overruled by CIO and risk committee.