Investment Advisory in the new Space and AI age | Idea Farm

Investment Advisory in the new Space and AI age

True Partner Capital

Govert Heijboer, Tobias Hekster

Research

11 Pages

June 2026

True Partner Capital examines portfolio construction in a world where US equity dominance, weaker bond diversification, and AI disruption are reshaping traditional allocations. The paper highlights that the US is 26% of global GDP and 4% of global population, yet now represents well over 60% of the MSCI All Country World Index.

Key Takeaways

US dominance stretched: US equities rose from around 30% to over 60% of MSCI ACWI, while US GDP stayed near 26%.

Bond protection faded: US debt-to-GDP doubled from 60% in 1999 to 123% in Q1 2026, weakening Treasury diversification.

Private marks lag: Monday.com lost 30% after a USD 5 billion SaaS clone example challenged private-market valuation assumptions.

Portfolio Management

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