The Primacy of Sovereignty - VP Thematic | Research

Over the past three years, we have published a series of thematic reports to frame the generational shifts in the investing landscape.

The themes across these publications – publications – government intervention (The Age of Scarcity – Nov 2022), fiscal-monetary policy fusion (The Structural Limits of Fiscal Policy – Apr 2024), and global imbalances (Understanding Global Imbalances: Revelation, Not Revolution – Jun 2025) – are now being harnessed explicitly in service of maintaining US sovereignty.

This report extends that work amid the accelerating national mobilization underway in the US in the face of an escalating US-China rivalry. This has strong echoes to prior eras under McKinley, FDR, and Eisenhower, when the US restructured its economy to secure long-term strategic advantages.

The Primacy of Sovereignty means that the investing landscape will be dominated by geographical, industrial, and technological priorities rather than “market forces”.

Takeaway #1 – Historically, geopolitical rivalry has spurred a rapid, large-scale and sustained US response
Takeaway #2 – Investing alongside the pillars of sovereignty will continue to provide a durable opportunity set well beyond AI
Takeaway #3 – Industrial policy + fiscal-monetary policy co-ordination requires selective equity exposure, alternative “safe-havens”, and real assets over nominal bonds

Clients can register here (registration link) for our upcoming webinar on this thematic report this Thursday, 4th Dec. at 4pm GMT/11am EST.