Description

In this episode, portfolio manager Peter Lampert discusses the evolving landscape of international equities, with a special focus on the portfolio's exposure to AI enablers—companies powering the semiconductor supply chain, from power supply units to memory makers. Lampert explains the importance of distinguishing between firms merely riding the AI investment wave and those whose competitive positions are fundamentally strengthening as a result. The conversation also explores attractive valuations outside the U.S., the growing role of Japanese companies amid governance reforms and IT modernization, and the need for careful risk management as AI adoption and global trends unfold. Lampert emphasizes a diversified, long-term approach—balancing AI-driven growth, sector-specific opportunities in Europe and Asia, and resilience against macro risks—to position the portfolio for sustainable value creation in a rapidly changing world.

Key highlights:

• How international equities are benefiting from AI infrastructure growth, focusing on companies enabling the semiconductor supply chain (e.g., power supply units, memory makers). 

• The importance of distinguishing between firms temporarily boosted by AI demand and those with strengthening long-term competitive advantages. 

• Attractive valuations and growth opportunities for AI enablers outside the U.S., particularly in Europe, Taiwan, and Korea. 

• An examination of portfolio diversification, including exposure to Japanese companies amid governance reforms and IT modernization.

• Risk management in balancing AI exposure with other portfolio drivers and the need for resilience as adoption and global trends evolve. 

• The ongoing debate around incumbent software companies' ability to adapt to AI, emphasizing a case-by-case, long-term approach. 

Host: Rob Campbell, CFA – Institutional Portfolio Manager

Guest: Peter Lampert, CFA – Portfolio Manager

This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

Visit Mawer at https://www.mawer.com.

Follow us on social: 

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/