Qualis Growth: Beyond AI – Why equity leadership may broaden in H2 2026

Equity markets remain compelling, but the opportunity set is changing.

The first phase of the recent equity rally was dominated by a narrow group of U.S. mega-cap technology and AI infrastructure winners. That leadership was not irrational. Artificial intelligence is driving a major capital expenditure cycle, reshaping data centres, semiconductors, power demand, software, cloud infrastructure and corporate productivity expectations.

But the next phase may not be as simple as buying yesterday’s winners.

That is the central message behind MGTS Qualis Growth for H2 2026: equity exposure remains important, but selectivity matters more. Passive global equity exposure is no longer a neutral position. In many cases, it has become an implicit active bet on U.S. mega-cap technology, AI infrastructure, momentum and valuation persistence.

For investors, that creates both opportunity and risk.

The U.S. productivity boom — and why it matters

Morgan Stanley has framed one of its key investment views around a potential U.S. productivity boom. That is a powerful idea. If AI investment translates into higher output, improved margins and faster earnings growth, the equity opportunity could remain significant.

BlackRock’s outlook also supports the idea that AI is no longer just a technology-sector story. Its “micro is macro” theme argues that the capital spending ambitions tied to AI are now large enough to affect the broader economy. AI infrastructure is becoming a macro force, influencing corporate investment, electricity demand, financing needs and market leadership.

Vanguard agrees that AI could become a transformative productivity force, but its interpretation is more cautious from an investment perspective. It argues that while the economic upside may be real, high expectations for U.S. growth stocks create valuation risk. In its view, stronger long-term opportunities may emerge in U.S. value and non-U.S. developed markets as the benefits of AI adoption spread beyond the original winners.

Goldman Sachs Asset Management also expects greater equity market dispersion and argues for active, disciplined investing. That matters because a world of greater dispersion is a world where portfolio construction and manager selection can add value.

This is the right backdrop for Qualis Growth.

Passive exposure is not as diversified as many investors think

The problem with passive global equity exposure is not that it is wrong. The problem is that many investors misunderstand what they own.

Market-cap weighted indices allocate more capital to companies after they have already become large. That can be powerful in momentum-led markets, but it also means passive investors can become increasingly exposed to the same narrow group of companies, sectors and themes.

In today’s market, that often means a large implicit exposure to U.S. mega-cap technology, semiconductors, cloud infrastructure, AI capital expenditure and valuation resilience. These are high-quality businesses and important long-term themes, but they are not risk-free. If bond yields rise, earnings expectations slip, capital expenditure disappoints, regulation tightens or positioning becomes crowded, the same stocks that led the market higher can also lead it lower.

The recent weakness in AI-linked equities is a reminder of this point. It does not disprove the AI thesis. It does show that price, positioning and expectations matter.

For H2 2026, we believe the better approach is not to avoid equity risk, but to own it more deliberately.

How Qualis Growth is positioned

MGTS Qualis Growth is designed to participate in equity markets without simply outsourcing the allocation to passive index concentration.

The fund has meaningful U.S. equity exposure, including targeted Nasdaq-100 exposure and active U.S. equity exposure. This ensures the fund can participate in U.S. innovation, AI-related growth and the world’s deepest corporate earnings market.

But the portfolio is not only a U.S. mega-cap technology allocation.

Global equity exposure makes up a significant part of the fund. This gives the portfolio access to quality growth, valuation discipline, global smaller companies and value factor exposure. That blend is important in a world where leadership may broaden beyond the most expensive parts of the market.

Emerging-market equity exposure is also meaningful. This supports participation in markets that may benefit from supply-chain shifts, domestic demand, technology adoption and improving capital discipline, while adding diversification away from the U.S.

Japan remains an important allocation. Japan continues to offer a combination of corporate reform, shareholder return improvement, valuation support and sector-specific opportunity. It is also an example of why active regional allocation matters: not every opportunity needs to come from the U.S.

European exposure is selective, with a bias towards smaller companies and quality dividend exposure. This is not a blanket Europe call. It gives the fund exposure to areas where valuations may be more reasonable than in U.S. mega-cap growth, and where policy support, fiscal spending and earnings resilience may create opportunities.

The UK allocation provides exposure across large, mid and smaller companies. The UK remains unloved by many global investors, but valuations, income, mid-cap recovery potential and corporate activity may create opportunities.

In aggregate, the portfolio is built around active equity breadth: U.S. growth, global quality, value, smaller companies, emerging markets, Japan, Europe and UK recovery.

Where the institutional consensus helps

The major investment houses are not unanimous, but their views create a useful map.

Morgan Stanley and BlackRock remain constructive on U.S. equities and AI-led growth. Vanguard warns that the strongest future opportunities may sit outside the most crowded U.S. growth names. Goldman Sachs Asset Management expects greater equity dispersion and favours active global diversification.

These views are different, but they point to the same portfolio-construction conclusion: investors should not rely solely on passive mega-cap exposure.

Qualis Growth is built around that conclusion.

The fund can participate if U.S. equity leadership continues, but it also has exposure to the areas that may benefit if leadership broadens: value, smaller companies, Japan, Europe, the UK and emerging markets.

The risk management point

Equity markets can fall, and Growth is designed to take equity risk. The recent AI sell-off is a reminder that even strong themes can become vulnerable when valuations, positioning and expectations are stretched. Emerging markets can be volatile. Smaller companies can lag when risk appetite weakens. Non-U.S. markets can underperform if the U.S. continues to dominate earnings growth.

The purpose of Qualis Growth is not to avoid those risks. It is to ensure that the fund is not dependent on only one version of the future.

If AI and U.S. productivity continue to drive markets, the fund has exposure. If AI adoption spreads beyond the original infrastructure winners, the fund has active global equity exposure that can identify beneficiaries. If value, smaller companies or non-U.S. markets recover, the fund has allocations that can participate. If passive index concentration becomes a risk, the fund’s diversified active structure becomes more important.

Growth, deliberately built

In H2 2026, the equity outlook is not simply about whether to own equities. It is about how to own them.

The strongest case for MGTS Qualis Growth is not that it rejects the AI story. It does not. The fund has exposure to U.S. innovation and growth. But it does not depend entirely on a narrow group of mega-cap winners continuing to dominate.

That is the distinction.

Growth is not just passive equity beta. It is the deliberate construction of multiple equity return drivers across regions, styles, sectors and managers.

If the U.S. productivity boom continues, Qualis Growth can participate. If leadership broadens, Qualis Growth is already built for that too.

This article is for information only and does not constitute investment advice or a personal recommendation. Capital is at risk, and the value of investments can fall as well as rise.