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A New Landscape for Global Equities: A Conversation with Miguel Oleaga - Thornburg Investment Management®

Thornburg portfolio manager Miguel Oleaga argues that a decade of U.S. mega-cap dominance is maturing, creating a dual opportunity in undervalued international markets benefiting from corporate governance reforms and in overlooked U.S. mid- and small-caps. The Q&A also highlights a contrarian AI thesis: AI enablers may be overvalued while traditional-sector "AI users" — banks, telecoms, and outsourcers — remain mispriced relative to their potential productivity gains.