Semi-Annual investor letter | First half of 2026 – Between geopolitical tensions and the AI revolution

Dear clients,

Addressing geopolitics has never been easy. The emotional weight, the proliferation of misinformation, and attempts at manipulation make analysis particularly challenging in a year like this, when the complexity of events requires a rigorous and balanced perspective more than ever.

In the Middle East, attention quickly shifts away from human losses towards Trump’s latest tweet, the price of oil, or the possibility of a closure of the Strait of Hormuz. Meanwhile, Ukraine, now entering its fifth year of conflict in a war it lost long ago, after hundreds of thousands of casualties on both sides, is gradually losing prominence in the headlines. The focus is shifting towards artificial intelligence and its insatiable energy demands, or towards the next space race.

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