Finding investment opportunities has become more complex as investors navigate rapid advances in artificial intelligence, sector rotation and ongoing geopolitical uncertainty.
BNN Bloomberg spoke with Shiraz Ahmed, CEO of Sartorial Wealth, about why Apple, Novartis and Rio Tinto are appearing attractive based on momentum trends and the fundamental themes supporting each company.
Key Takeaways
- Ahmed said investors should avoid overreacting to short-term volatility and focus on long-term trends during periods of uncertainty.
- Apple is benefiting from improving price momentum as investors reassess the company’s artificial intelligence strategy and ecosystem strength.
- Novartis remains attractive due to its focus on innovative medicines, strong drug pipeline and exposure to aging population trends.
- Rio Tinto offers exposure to demand for iron ore, copper and aluminum tied to infrastructure, electrification and AI-related development.
- Momentum-driven investing requires adapting to sector rotation as leadership shifts between technology, healthcare, energy and commodities.
Read the full transcript below:
ROGER: It has been a challenging environment for portfolio managers navigating what to buy and sell amid the rapid AI buildout and ongoing geopolitical uncertainty. Let’s find out how one portfolio manager is approaching the moment. Joining me now is Shiraz Ahmed, CEO of Sartorial Wealth. Always good to see you, sir. Beautiful day. You said the sun is shining.
SHIRAZ: Absolutely. All right, happy when that’s happening.
ROGER: Is the sun shining on the markets right now, though?
SHIRAZ: I’d say temporarily it looks like a good open, which is always nice to see. But we’ve been in some choppy waters over the last little bit.
ROGER: And I’m surprised a little bit at the opening today, considering those choppy waters, with Trump today and talking about how Iran may be heating up again. It’s some difficult stuff. What are you looking for in moments like this and stretches like this?
SHIRAZ: So, there’s general guidance that we give to investors, period, which is, you know, this too shall pass, not getting too focused on the minutiae in the short term. But, of course, as portfolio managers, industry experts, it’s our job to keep our finger on the pulse of what’s going on. So right now, that’s part of the reason why, at least in my business, in our practice, we primarily focus on momentum and quantitative strategies to take that human emotional element out of the equation.
ROGER: And what are you seeing when it comes to momentum? Which sectors are showing positive? Negative?
SHIRAZ: Well, there’s been a lot of rotation happening. The first part of the year, AI was obviously really big. Software is obviously down. Since then, we’ve seen a lot, due to the geopolitical concerns, move upward in energy and even some commodities as well. So right now it’s constantly rotating, so your portfolio needs to breathe with the market.
ROGER: But with what’s showing some strength, what’s showing some weakness? What are you shying away from?
SHIRAZ: So, in general, software has been under pressure, so it’s an area that we’ve actually just been avoiding, but not necessarily because I or any of our portfolio management team thinks that we don’t like it. Again, it’s the data. We primarily invest based on price momentum and specifically risk-adjusted return. A lot of our strategies are based off that. If it scores well, it’s an area that we’re going to participate in. We’re kind of seeing a big swath, so it’s a little bit of a mixed bag, frankly.
ROGER: Because there has been a bit of a bounceback with some software over the last little bit.
SHIRAZ: There has been. I think a lot of these concerns can be overblown. The obvious winners and losers are still to be determined. AI is still so new. If you think about where we were just one year ago compared with where we are today, it is amazing to see how much progress we’ve made. What’s that going to look like one year, two years or three years from now? Some of these companies have some pretty big moats around their businesses, so to say that they’re just not going to exist tomorrow can be potentially overblown.
ROGER: All right, but for now, software?
SHIRAZ: I’d say it’s still something to be cautiously optimistic about.
ROGER: What’s showing some strength right now?
SHIRAZ: There’s a couple of stocks that we like right now that have been coming back up on the screen. The first one is Apple, a household name. We all know it. It’s a security that we like right now. It’s come back into our portfolio. We’ve jumped in and out of it over the past year or so. It’s a name that, after the recent CEO shift that’s underway right now, plus the concerns over some of the integration of Apple Intelligence, there seems to be some positive price momentum. So it’s a security that we’re liking enough to jump into.
ROGER: Because there was a little bit of mixed reaction on the AI aspect. Everybody was expecting something more.
SHIRAZ: Well, I think they always are. Apple’s got this cult-like following behind it, right? I think there’s a lot of expectations that get built into the cake whenever Apple says anything. There’s always a bit of exuberance in there. Since that’s come back down to earth a little bit, there’s really the potential for another sleeve in their ecosystem where they can actually generate more renewals and more sales.
ROGER: And what do you think will be driving that?
SHIRAZ: Well, it’s to be determined, but I think the iPhone is obviously going to be a big part of it. That’s something that every couple of years people go through in their refresh cycle. This could be another reason to upgrade if you want to make sure your phone is up to date and can take advantage of all the new changes.
ROGER: And with AI, not so many concerns about it?
SHIRAZ: To be determined, right? It’s still new. The whole deal with Google and Gemini in the background, a lot of it is still to be determined. The Worldwide Developers Conference had a lot of expectations attached to it, and I think a lot of it remains to be determined.
ROGER: All right. And the other one, you’re looking at Novartis.
SHIRAZ: Yes.
ROGER: Not really going the other way, but a different sector.
SHIRAZ: Absolutely. Again, healthcare. We like the direction the firm has gone. If you look at how the company has changed dynamically over the last couple of years, they’ve really dug in their heels and focused on the innovative side of the pharmaceutical space. Getting rid of their Sandoz division a couple of years back was a great idea, and we like the fact that they’re really focusing on innovative therapies.
ROGER: What’s showing up there? Where’s the focus?
SHIRAZ: There’s a lot in immunology. There’s some in oncology as well. They’ve really been dialing in on some of their newest drugs. There was concern about patent runoff earlier in the year. I think a lot of that has subsided, and the guidance is looking pretty positive overall. The momentum has picked back up on the stock, so it’s one that we like to jump back into.
ROGER: And with Novartis and healthcare, do you see AI playing a role?
SHIRAZ: Early days still, frankly. Adoption of AI across the board hasn’t happened in every industry. Some are way ahead of the curve. Automation, for example, has been there. Within healthcare, they’re taking some positions, but it’s not an area that’s going to be huge, at least in the short term.
ROGER: Because that’s one of the things people talk about. You still think there’s a lot more opportunity?
SHIRAZ: Oh, absolutely. Even the average user is still relying on simple chat functionality. Now you can actually implement automation and let it take over. But there are still concerns about how good it is and how accurate it is. You still have to fact-check. You still need strong, intelligent human eyes looking at it.
ROGER: All right. And healthcare as a whole?
SHIRAZ: I think we’re fairly agnostic, frankly. It’s where the data tells us there are opportunity sets. With our aging demographic, especially in North America, I think there’s still a lot of legs left in it. I don’t think it’s a story that’s over yet.
ROGER: All right. Is there anyone else really standing out right now? Any sector that’s trending up?
SHIRAZ: Not necessarily. Energy has been there, but another stock we like to talk a little bit about is Rio Tinto. On the commodity side of the fence, if you’re concerned about inflation, sometimes these types of securities can actually outperform as a result of what’s going on geopolitically. On our side, it’s had positive price momentum over the last little while. It’s a name that we wanted to jump into, and we do think there are still more legs to it as well.
ROGER: And what’s driving the momentum?
SHIRAZ: There are a lot of different factors. They have some new projects coming online in Africa that are starting to ship as well. Iron ore, copper, aluminum — they have a lot of the base materials that we need. We’ve talked in the past about the whole picks-and-shovels theme. This is like the wood and the metal that go into the picks and shovels. It’s another way to participate in that ongoing theme because we need these base materials to continue expanding growth.
ROGER: It feels a bit like Rio Tinto is a name I haven’t heard mentioned in a while. It’s kind of stayed in the background.
SHIRAZ: They’re just kind of always there, right? They’re in the background. They provide the stuff that we need, and they’re one of the largest producers on the planet. It’s a reasonably safe way to play some of those base material needs.
ROGER: All right, we’ve got to wrap it up there. Shiraz, always a pleasure. Thank you for joining us.
SHIRAZ: My pleasure. Appreciate it.
ROGER: That was Shiraz Ahmed, CEO of Sartorial Wealth.
---
This BNN Bloomberg summary and transcript of the June 11, 2026 interview with Shiraz Ahmed are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
