New Global Small Cap lead manager Ching Chang describes what China's market cycles taught him, why the small cap premium has gone missing, how regional weights fit with bottom-up stock picking, and what he looks for in management teams.

Equity analyst Joshua Samuel examines the value chain beneath GLP-1 drugs: why oral pills need more drug substance, how peptides are built and purified, and why a silica gel supplier with 70% share does not screen as healthcare. Growth rests on several drivers at once.

The 10-year U.S. Treasury yield crossed 5% in mid-September, its highest level since 2007, after starting the year near 4.17%. Clients have asked whether 5% is a threshold to worry about, and our view is that why yields moved matters more than the level. This piece looks at four forces behind the rise: higher real rates, a rising term premium, a shift from a savings glut to a bond glut, and borrowing by AI hyperscalers to fund data centers. It also covers what higher yields mean for stocks, bonds, and borrowers, and what we are watching next.