Ionic Wealth

The future of uranium demand is closely tied to how the world’s energy needs are evolving. Nuclear power is becoming an increasingly important part of that picture. As countries look for reliable sources of electricity, existing nuclear reactors are expected to operate for longer, while new projects continue to take shape. Both developments matter for uranium: reactors that stay operational need a steady supply of fuel, and new reactors will add to that demand as they come online. The scale is significant. Of the 423 GWe of nuclear capacity currently in operation, 403 GWe is projected to remain operational through 2036. Beyond these existing reactors, projects under construction, planned and proposed could provide further support for future uranium demand. The market is already reflecting this longer-term outlook. The long-term uranium price indicator has reached USD 97 per pound, as utilities secure fuel supplies through multi-year contracts. With existing reactors expected to run for longer and new nuclear capacity in the pipeline, uranium is drawing attention as countries plan for their future energy needs. To explore the trends shaping uranium demand and its long-term outlook read Investing Pantheon October 2026 report. Read More: ionic.in/blogs/global-invest…

For four decades, the 60:40 portfolio rested on one assumption: when stocks fell, bonds would rally. That assumption no longer holds. First, the equity leg now rides on a single theme. * The Magnificent Seven make up roughly a third of the S&P 500, up from about 12% in 2015. * Nvidia alone is worth more than the bottom 150 constituents combined. * Even in emerging markets, Korea and Taiwan dominate as suppliers to the same AI capex cycle. Most ‘global’ equity allocations simply add more of the same AI trade under a different label. The S&P 500 index now tracks seven balance sheets and one capex cycle more closely than it tracks the American economy. Second, bonds no longer act like the umbrella they once were. When a slowing economy hit stocks, central banks reduced repo rates, bond prices rose, and the umbrella opened. Today, bond prices answer to government borrowing. US debt crossed $40 trillion in August 2026, and heavier issuance pushes yields up, whatever the economy is doing. Today's bond yields are also a function of AI-related borrowings. The umbrella now opens on some days and stays shut on others. In 2022, a 60:40 portfolio lost 17.5%, its worst year since 1937, as bonds and stocks fell together. By mid-2026, the stock-bond correlation had turned positive again. In our latest Substack, Ankita Pathak, Head of Global Investments at Ionic Asset, looks at whether the 60:40 portfolio still makes sense today. She also sets out an alternative allocation strategy that handles volatility better while still leaving room for growth. Read: ionicwealth.substack.com/p/w…

The world’s investment opportunities extend far beyond the markets we see every day. But where are the opportunities emerging? What are global investors watching? And how can Indian investors look beyond borders to build wealth? World Wide Wealth brings global perspectives closer to home, through conversations with the people whose expertise brings clarity to the forces shaping global markets. Hosted by @ankitapathak_ , Head of Global Investments at Ionic Asset. Coming soon!

Anthropic’s S-1 filing ahead of its planned IPO offers a rare look inside the economics of one of AI’s fastest-growing businesses. From $376 million to $11.6 billion in revenue over just six quarters, nearly a 31-fold increase - Anthropic’s growth reflects the scale of opportunity emerging across AI. Yet, the faster an AI business grows, the more important it becomes to understand what lies beneath its revenue numbers. For Anthropic, the story extends beyond rapid growth. Improving compute efficiency and stronger operating leverage offer a path towards better margins and cash generation, even as substantial fixed costs and long-term infrastructure commitments shape the road ahead. Though much will depend on how effectively the company scales inference while continuing to develop best-in-class AI models. In this edition of #TuesdayTechTrivia, we explore the economics behind Anthropic’s expansion, the balance between growth and investment, and what could shape its path towards sustainable profitability. Read More: ionic.in/blogs/global-invest…

The next two weeks could be a defining test for Indian equities. India’s September-quarter earnings season so far appears to have delivered strong growth across market-cap segments, reinforcing the underlying strength of corporate earnings. However, the near-term outlook is becoming more complex as a series of global events converge between 27 October and 5 November. From key central bank decisions by the Fed, ECB, BoJ and BoE to the US midterm elections, the coming days could have significant implications for market sentiment, crude oil prices, currency movements and liquidity flows. With strong earnings on one side and heightened macroeconomic and geopolitical uncertainty on the other, the key question is how these competing forces could shape the next phase of Indian equities. Our Chief India Strategist @harshmadhusudan breaks down the risks and opportunities across different scenarios, the critical market levels to watch and the factors guiding our current positioning. Read the full analysis here: ionic.in/blogs/market-perspe…

Europe’s gas market is facing a winter test, and the margin for error is shrinking. Gas storage across Europe has fallen to 72% of its long-term average, well below the 86.7% benchmark. In simple terms, Europe has less gas in reserve than it would typically have had at this point, leaving it with less room to handle a sudden rise in demand or a disruption in supply. But the concern is not just about having enough gas. It’s also about how much Europe will have to pay for it. Gas prices in Europe are relatively higher than that in the US, thereby adding to the cost pressures faced by energy-intensive industries. With Russian pipeline supplies still limited, Europe is relying more on liquefied natural gas (LNG) imported from global markets. If winter turns colder than expected, demand could rise, supplies could tighten and gas prices could climb further. The impact could extend beyond energy bills. Higher gas prices can increase production costs for industries, squeeze business profits and put further pressure on Europe’s economic growth. As temperatures drop, Europe will need to balance the need for reliable gas supplies with the challenge of keeping energy affordable. To understand the evolving European gas market and its wider economic implications, read the Investing Pantheon October 2026 report. Read More: ionic.in/blogs/global-invest…

SIFs have completed one year, and the industry has grown nearly 19-fold since its first official monthly data in October 2025. According to AMFI data, SIF assets under management (AUM) stood at ₹38,267 crore in September 2026, up from ₹2,010 crore in October 2025. Hybrid SIFs remain the largest category, accounting for 63% of industry assets. But other categories are also coming up. For context, hybrid SIFs had 75% share in March, suggesting other categories are gaining ground. Curious to see how SIFs have stacked up against mutual funds over the past year? We’ve compared their performance across MF categories in our latest Substack. Substack: ionicwealth.substack.com/p/s…

AI’s next bottleneck may not be computing power, but the energy and infrastructure needed to sustain it. As AI workloads grow and data centre racks become denser, power availability and heat management are becoming increasingly critical. This is driving demand for advanced cooling systems, power equipment and more efficient ways to manage energy. The result? Power and cooling are emerging as key parts of the AI infrastructure investment story, creating opportunities for equipment providers while bringing new capacity constraints into focus. So, what is driving this demand? Which technologies are helping data centres manage rising power and cooling requirements? And which companies stand to benefit? In this edition of #TuesdayTechTrivia, we continue our AI data centre series by exploring AI’s energy equation - from power requirements and cooling technologies to infrastructure bottlenecks and the companies positioned to benefit. Read More: ionic.in/blogs/global-invest…

As SIFs complete their first year, we look at how they have performed against mutual funds in similar categories. We compared returns across three periods: 1) The market downturn between 2 January and 30 March, when the Nifty 50 fell 15.2%; 2) The recovery between 30 March and 3 August, when it rose 10.9%; and 3) Year-to-date returns, as of October 15. The numbers reveal an interesting pattern. SIFs have generally held up better than mutual funds during the downturn, but lagged them during the recovery. Here’s how the two stack up. (See table below) Disclaimer: Past performance is not indicative of future returns. Read: ionicwealth.substack.com/p/s…