After a 33% gain in the first half, this fund manager grew tired of the AI trade. Here’s where he’s looking now.
THE SO WHAT
A manager rotating out of AI into small-cap U.S. housing is a reminder that public markets are already treating AI as a crowded factor, not a guaranteed alpha source. If you’re raising or selling into ‘AI’ as a story, expect more diligence on cash flows and less patience for narrative-only multiples.
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