Goldman Sachs Apex on earnings and AI (with Romaine Bostick, Katie Greifeld)

Asks about the impact of recent volatility (AI trade, inflation, interest rates) on the long-term thesis.

Romaine Bostick

Anushka Gupta

Family offices have a long-term horizon and use volatility to be opportunistic. We remain constructive on equities, underpinned by strong earnings growth (24% this year, 13% next). The inflation report was in line, payrolls encouraging, so investors are not making meaningful portfolio shifts.

It's been a volatile period, not too surprising from what the rest of the year has been.

Asks if confidence in earnings will hold up, noting Q4 and Q1 were well above expectations.

Romaine Bostick

Anushka Gupta

We are very constructive on the earnings cycle. We see payback from CapEx spending starting to flow through. The level of growth in Q1 was phenomenal.

Asks about the concentration of EPS growth in AI beneficiaries (50%) and whether the improving breadth in other sectors can continue.

Katie Greifeld

Anushka Gupta

We think breadth can continue. The S&P concentration is a result of earnings benefits in AI infrastructure. We recommend diversification into healthcare (beneficiary of AI efficiency) and bank stocks (capital markets cycle).

The top 10 stocks comprise nearly 40% of the index for a reason.

Asks about public vs private market appetite, especially with exciting private companies coming public.

Katie Greifeld

Anushka Gupta

At our global family office symposium, over 80% of attendees are adding AI exposure across public, private, or single-company exposure. Late-stage venture/growth remains a dominant theme due to scale and velocity of innovation. Family offices are overweight alternatives (33-34%).

We convened 200 family offices from 19 countries.

Asks if they are still overweight US assets or increasing overseas exposure.

Romaine Bostick

Anushka Gupta

We are seeing US overweight in both private and public markets. We favor globally diversified portfolios with a US preeminent view. We have favored exposure to some emerging markets, funded out of developed international markets.

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