For most of modern financial history, lending was the banks’ business. JPMorgan, Citi, and their peers intermediated capital between investors and borrowers, taking fees and managing risk. When companies outgrew their bank lines, they turned to the public bond markets. That was the established order.

However, over the past decade, something unexpected has happened. A parallel financial system has emerged that bypasses Wall Street’s traditional gatekeepers and shifts the balance of power toward a handful of alternative asset managers. This system is private credit, and it is growing fast enough to challenge the primacy of banks themselves.

Lululemon Athletica represents a premium consumer discretionary investment opportunity characterized by exceptional brand equity, industry-leading operational margins, and robust financial positioning. The company's strategic international expansion initiative, particularly across Asian and European markets, presents significant long-term growth potential.

Tencent is a Chinese technology conglomerate with a diversified portfolio across social, gaming, fintech, cloud, and strategic global investments.

NVIDIA remains the primary beneficiary of the global AI expansion, with unmatched margins, pricing power, and ecosystem advantages.

SE is regaining footing in core e-commerce while scaling fintech and gaming to profitability.

ASML is the sole global supplier of extreme ultraviolet (EUV) lithography machines, essential for producing the most advanced semiconductors.