Insights

As markets navigate the post-COVID landscape, many assumptions once considered unshakable are being challenged. E-commerce, once seen as unstoppable, may be hitting its limit. Physical retail is making a quiet comeback, while industrial real estate faces headwinds.

The North American freight rail sector is a critical pillar of the US economy and one of the largest and oldest sectors in the global listed infrastructure universe.

In 4D’s 2025 January Outlook we discussed what the year ahead could bring. Reflecting upon the risks and opportunities we highlighted, and the events of the last six months.

This is the 19th edition of our Trip Insights series, where we share our travel experiences and on-the-ground perspectives from our company meetings and regional visits. It follows a recent research trip by Sarah Shaw, Global Portfolio Manager, and Tasneef Rahman, Senior Investment Analyst, through Spain, Italy, Switzerland, Germany, France, England and Scotland.

Deep-dive company research is central to Quay’s investment process. This month we unpack six key themes – both emerging and ongoing – that stood out from over 30 in-person meetings with prospective and existing investees across Europe, the UK and the US.

In our 2025 Outlook piece, one of the main themes we were monitoring was elevated geopolitical risks. Among these risks, an oil price shock was flagged as having one of the highest likelihoods.

What’s happening in the bond market? We have some thoughts.

This is the 18th edition of our Trip Insights series, where we share our travel experiences and on-the-ground perspectives from our company meetings and regional visits. It follows a recent research trip by Sarah Shaw, Global Portfolio Manager, and Chris James, Senior Investment Analyst, through Malaysia, Thailand, Hong Kong, China, the Philippines, and Indonesia.

Through all the noise, we believe some important themes are emerging which are likely to last well beyond any potential forthcoming tariff compromise (or non-compromise).