Macro Trend: Staples demand holds up when things get ugly. If AI capex rolls over, this is where the portfolio takes les

Major companies make long-term commitments to remote work, leading to sustained high levels of home consumption and staple goods demand.

Major companies make long-term commitments to remote work, leading to sustained high levels of home consumption and staple goods demand.

Major companies make long-term commitments to remote work, leading to sustained high levels of home consumption and staple goods demand.

A global food crisis develops due to climate events and geopolitical conflicts, causing severe disruptions in staple goods supply chains.

A global food crisis develops due to climate events and geopolitical conflicts, causing severe disruptions in staple goods supply chains.

A global food crisis develops due to climate events and geopolitical conflicts, causing severe disruptions in staple goods supply chains.

A resurgence of pandemic cases leads to stricter lockdown measures, further boosting demand for staple goods due to increased home consumption.

A resurgence of pandemic cases leads to stricter lockdown measures, further boosting demand for staple goods due to increased home consumption.

A rapid rise in inflation causes widespread price increases for non-essential goods, pushing consumers to prioritize staple purchases.

A rapid rise in inflation causes widespread price increases for non-essential goods, pushing consumers to prioritize staple purchases.

A rapid rise in inflation causes widespread price increases for non-essential goods, pushing consumers to prioritize staple purchases.

A sharp decline in AI capital expenditures exacerbates an already weak economic environment, intensifying the need for resilient staple demand.

A sharp decline in AI capital expenditures exacerbates an already weak economic environment, intensifying the need for resilient staple demand.

A sharp decline in AI capital expenditures exacerbates an already weak economic environment, intensifying the need for resilient staple demand.

A resurgence of pandemic cases leads to stricter lockdown measures, further boosting demand for staple goods due to increased home consumption.

A major government stimulus package fails to pass or has minimal impact on the economy, exacerbating financial strain and reducing consumer spending.

A severe economic recession hits, causing widespread unemployment and sharp declines in consumer spending across all categories.

A severe economic recession hits, causing widespread unemployment and sharp declines in consumer spending across all categories.

A severe economic recession hits, causing widespread unemployment and sharp declines in consumer spending across all categories.

A major government stimulus package fails to pass or has minimal impact on the economy, exacerbating financial strain and reducing consumer spending.

A major government stimulus package fails to pass or has minimal impact on the economy, exacerbating financial strain and reducing consumer spending.

Major tech companies announce large-scale investments into AI, reversing the expected slowdown and driving new economic growth.

Rapid growth in online shopping slows dramatically, leading to reduced demand for staple items sold through e-commerce platforms.

Rapid growth in online shopping slows dramatically, leading to reduced demand for staple items sold through e-commerce platforms.

Rapid growth in online shopping slows dramatically, leading to reduced demand for staple items sold through e-commerce platforms.

Major tech companies announce large-scale investments into AI, reversing the expected slowdown and driving new economic growth.

Major tech companies announce large-scale investments into AI, reversing the expected slowdown and driving new economic growth.

Global supply chains remain severely disrupted, causing long-term shortages of staple goods and significant price increases.

Global supply chains remain severely disrupted, causing long-term shortages of staple goods and significant price increases.

Global supply chains remain severely disrupted, causing long-term shortages of staple goods and significant price increases.