Spotlight on Nick Giorgi, Chief Equity Strategist, Alpine Macro
Global Thought Leader Spotlight
Nick Giorgi, Chief Equity Strategist, Alpine Macro
In my role as Chief Equity Strategist at Alpine Macro, I am responsible for leading a boutique equity research franchise with a focus on identifying actionable investment opportunities and optimally positioning tactical strategy across equity sectors, themes, styles, factors, and market cap.
Our team applies a buyside approach, utilising sophisticated quantitative and qualitative methods, in drilling down with granularity to implement equity solutions, including proprietary baskets, providing a tailored experience to clients.
We advise sovereign wealth, hedge funds, long-only institutions, family offices, and private wealth clients across the world. In addition, we are frequently sought after for media engagements.
K-Pop for the K-Shape?
Investors are in a state of unease as corporate fundamentals outpace pockets of the real economy and break from tried-and-true leading indicators. Wackiness in Washington adds to the angst. But the classic strategy playbook understates three forces powering equities and forming the basis of our bullish “MOM” framework:
Macro Resilience
Operational Excellence
Mega Tech Dynamism
Here, broadening is key and additional rate cuts coupled with fiscal stimulus already in the pipeline should prompt the bottom leg of the “K-Shape” to pop up towards thriving tech segments.
On a micro level, companies are defying expectations, delivering meaningfully better results on operational efficiencies to counteract cyclical end-market weakness and policy uncertainty.
Finally, Mega Tech is changing the game, but investors can’t agree on the rules. Is outsized capex a risk or an opportunity for hyperscalers in the age of A.I.? And for the first time in history, corporate sales and profits are growing, while payrolls shrink.
Investors have been yearning for the “great rotation” away from U.S. Mega Tech to cyclicals, international, small cap, and other segments left behind. But it is imperative to separate “value” from “value traps”.
Implications for sophisticated investors
Investors should fade fear and favour fundamentals, adopting a “risk-on” approach given a goldilocks-lite macroeconomic backdrop characterised by supportive policy, operational excellence, and secular evolution.
Lean into sources of cyclicality, specifically those buttressed by secular growth drivers. These include Industrials, Banks, and pockets of Discretionary.
We also favour Materials while remaining underweight Defensives which are unhelpful hedges given a low likelihood of recession. Within Mega Tech, we would fade capex concerns and top off positioning.
Nick will be presenting at Global Investment Institute’s upcoming Equities Investment Forum, taking place on Thursday, 12 March 2026 in Sydney CBD, New South Wales. To register your interest in attending, click here or for more information email zlatan@globalii.com.au.
Nick Giorgi, Chief Equity Strategist, Alpine Macro
Nick is the Chief Equity Strategist at Alpine Macro. He was Senior Equity Strategist at J.P. Morgan, formerly First Republic, where he led equity strategy while acting on the firm’s Asset Allocation Committee. In addition, he served on the investment team managing a suite of JPMAM equity strategies.
Previously, Nick was a Director and Investment Strategist within the Chief Investment Office at Bank of America. He began his career at Citi Smith Barney, in New York.
Nick earned a B.S. in Finance from the University of Colorado and an MBA from Georgetown University. He holds the CFA designation.
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