ThinkMacro Podcast : Three worlds, Three trajectories

Six months in, and the macro picture looks nothing like a quiet year. In this mid-year review, Vincent Chailley, CIO at H2O AM Group & Monaco S.A.M., sits down with Thomas Delabre, Portfolio Manager and macro specialist, to take stock of a first half shaped by the Iran war, the closure of the Strait of Hormuz, and the return of the AI theme with a vengeance. Three worlds, three very different stories - a resilient Europe with no real growth engine, a US walking an increasingly fine line, and an Asia quietly accumulating structural advantages the market is still underestimating. Where do we stand, and what comes next? Think Macro: a podcast by H2O Asset Management where we go beyond the headlines to explore the forces shaping the global economy. Each episode offers a deep dive into macroeconomic trends, long-term shifts, and the strategic dynamics driving markets. Visit our website : https://www.h2o-am.com/ Visit our LinkedIn page : / h2o-am This podcast is distributed for informational purposes only and does not constitute advice, an offer or solicitation by or on behalf of H2O AM to buy or sell any securities, related financial instruments or other products, or to engage in any trading strategy in any jurisdiction. The analyses and opinions contained in this document represent the views of the author(s) referenced as of the date indicated and are subject to change without notice. Before investing in any product, investors should fully understand the risks, including the market risk associated with the issuer, the financial benefits and the suitability of such products, and consult their own advisors. Investors should be aware that the value of an investment and the income derived from it may fall as well as rise, and that past performance is not a guide to future performance.