Geopolitical uncertainty

Family offices are reducing deal-making volume due to geopolitical uncertainty, prioritizing mega-rounds (>$100M) with high conviction. While overall direct investments decreased by 25% in March, actively participating family offices are backing substantial ventures, particularly in AI. This trend mirrors broader market consolidation, favoring fewer, larger strategic investments.

Amidst geopolitical uncertainty and rising oil prices, investors are adopting a balanced strategy. This involves judicious capital deployment, identifying specific opportunities, and maintaining a stable cash position by offsetting new investments with strategic sales. Notable moves include initiating a position in Cardinal Health, reducing BlackRock, and increasing Alphabet holdings. Nvidia has been upgraded to a buy-equivalent rating due to its AI leadership and expected growth. The focus remains on long-term technological trends as a counterbalancing force to short-term market volatility.