With the theme “Mind the Gap(s),” the upcoming Portfolio Construction Forum (PCF) Market Summit 2025 will shine a spotlight on the widening divides in global markets, politics, and society. Directors Jonathan Tolub (JT) and Jonathan Ramsay (JR) share what they anticipate from this year’s event, which features some of the most pressing issues facing investors.

Central to the conference are discussions around polarisation—whether in politics, economics, or public sentiment. The Trump presidency continues to shape geopolitics, potentially creating fault lines that reverberate worldwide. The concept of a K-shaped recovery has come to symbolise uneven economic outcomes, including a housing crisis and growing inequality. While some regions bounce back, others continue to grapple with structural challenges and a shifting macro environment that raises questions of whether we’re on the cusp of a long-awaited regime change.

Notably, this year’s agenda leans more contrarian than in previous summits. Multiple sessions will delve into underperforming asset classes, such as global small caps, emerging markets, infrastructure, commercial real estate, and Australian mid caps. Meanwhile, the high-flying U.S. mega cap tech stocks—darlings of the last bull market—are receiving less airtime, reflecting both their lofty 2024 valuations and questions about a potential leadership rotation in the markets.

Notable sessions include:

- AI in Global Small Caps: Goldman Sachs presents on integrating artificial intelligence into equity research.

- Commercial Office Properties: Exploring the challenges of reviving interest in office real estate at a time when remote work trends persist.

- Asian Equities & Small Caps: Platinum and Antipodes weigh in on emerging opportunities in Asian markets.

- Private Credit Transparency: Metrics, a major private credit player, unveils its plan to increase transparency —something the industry has long resisted

We will be following the macro-focused sessions on issues like whether 2025 will be the year that "bond vigilantes" finally assert themselves and threaten the accommodative central bank policies of the last decade. Speakers like Pippa Malgarum, Ron Temple, Wayne Fitzgibbon and Jonathan Payne are expected to offer provocative takes on structural shifts in the market narrative.

Energy is another hot topic, with multiple infrastructure managers slated to discuss the impacts of the global transition to alternative sources. Nuclear power—previously unthinkable in such forums—now appears on the agenda, underscoring how quickly the energy landscape is evolving and how rapidly investors may need to adapt.

From Ideas to Implementation

With plenty of “grist for the mill” in terms of thought-provoking ideas and tangible, often contrarian, strategies, these insights will feed into the Implementation Workshop on February 27. Where we will walk attendees through how they can translate these emerging concepts into practical portfolio tactics. As markets fracture into ever-widening gaps, the Summit aims to help investors build the bridges needed to find opportunity amid uncertainty.

Register to the implementation workshop here: https://services.brillient.com.au/register/markets-summit-2025-implementation-zoominar/delegate