Summary

• Tech capex and geopolitics have dominated the headlines this year, but opportunities emerge elsewhere.
• Dividend growth investing could be hitting its stride amid shifting macro and micro trends.
• Novel, forward-looking strategies may help asset allocators find alpha beyond traditional income approaches.

The corporate world is awash in capex. Leaders in the artificial intelligence (AI) arms race are pouring hundreds of billions of dollars into tech projects, and uncertainty surrounds their profitability. For now, the market rewards this use of cash, but it’s not