The writer is head of macro credit and global investment strategist at Nuveen
Concentration risk in equities is well understood. More than 35 per cent of the S&P 500 is represented by large-cap companies benefiting from the AI investment cycle, leaving positioning crowded.
Less appreciated is the concentration building up across asset classes as the same AI investment thesis runs through credit, infrastructure, real estate and equities. What appears to be diversification is often the same bet expressed in multiple ways.
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