June 22, 2026 09:00 PM GMT Asia Thematic Alpha | Asia Pacific Multipolarising Opportunities into 3Q We see Asia returns broadening into 3Q, with reported terms of the US-Iran MoU leaving a strong impetus for global spend on energy security and defence despite SoH reopening. We also note US-China AI competition tensions possibly rising, reinforcing semi localization and critical minerals thematics. US-Iran MoU highlights energy security and defence imperatives: Energy markets have been conditioned to quickly ...