在Lorraine Kuo看来，AI仍是持续且偏长的周期，受益于亚洲供应链和美国顶级科技企业，涵盖模型、晶片到分销全链路。其核心持股之一SK Hynix在2026年迄今上涨194%，Samsung Electronics也上涨超过138%，两者共同贡献了韩国KOSPI基准指数涨幅的近2/3。基金亦持有Alphabet、Apple与Nvidia。除大型AI股外，Samsung Electro-Mechanics与Ibiden也吸引资金、股价近期触及历史高位。Andy Wong补充，Pictet采用全链路(full-stack)方法，持续追踪供应链瓶颈位移，并将AI故事由运算扩展到作业系统与应用层，与Anthropic PBC年化营收快速增长形成呼应。
在加大科技赌注的同时，该基金也减少了传统避险黄金比重。考虑到中东局势扰动，基金3月曾透过指数对冲新增防护，而非持有实体金条；Kuo称2026年未再使用黄金，因其价格去去年起已升幅过陡，且在某中国黄金零售商中出现投机行为，因此黄金作为分散资产的功能已下降。
After US-Iran ceasefire talks in early April, Pictet Strategic Income Fund, a $3.5 billion fund managed by Pictet Asset Management in Hong Kong, sharply raised its equity exposure, shifting as much as 30% of its cash-equivalent holdings into AI heavyweights across Asia and the United States. Its stock allocation nearly doubled within weeks to about 65%. This risk-on move helped the fund beat about 90% of peers over the past month and deliver roughly a 43% return over the past year.
Lorraine Kuo said AI remains a strong and prolonged cycle and still favors the Asia supply chain as well as leading US technology names across models, chips, and distribution. Among the fund’s leading holdings, SK Hynix shares have risen 194% in 2026 and Samsung Electronics up more than 138%; together the two contributed nearly two-thirds of the benchmark Kospi Index gains. The fund also owns Alphabet, Apple, and Nvidia. Beyond megacaps, investor interest has spread to smaller names such as Samsung Electro-Mechanics and Ibiden, both recently touching record highs, while Andy Wong said the team uses a full-stack approach that tracks shifting supply-chain bottlenecks, with AI strength extending from compute to operating systems and applications.
As technology exposure increased, the fund also reduced traditional safe-haven exposure to gold. During the March disruption linked to Iran tensions, it had added protection via index hedges rather than bullion. Kuo said that in 2026 the fund did not use gold because prices had risen too sharply since last year and speculative behavior emerged in a Chinese gold retailer, so gold’s role as a diversifying asset declined.