Chapter 4: Ensemble Learning in Investment: An Overview

The rise of ensemble learning marks a turning point in quantitative finance. It offers a rare combination of predictive accuracy, scalability, and interpretability, making it well-suited to the challenges investment leaders face today. CIOs, portfolio managers, data science heads, and risk leaders can use ensembles to sharpen forecasts, build more resilient portfolios, and defend decisions in front of the most demanding stakeholders. The chapter suggests that in the future ensembles will grow more relevant as data complexity increases and governance pressures rise. By blending domain expertise with ensemble-driven insights, investment organizations can harness the power of modern machine learning while preserving the transparency and trust that capital markets demand. Generative AI and large language models (LLMs) will accelerate feature discovery, code generation, and documentation; they will also be ensembled. Yet investment use cases will continue to reward methods that combine predictive strength with accountability. The durable edge, according to the chapter, lies in hybrid frameworks that blend domain knowledge, transparent linear components, and nonlinear ensemble learners — governed by rigorous validation and explained in plain language. For teams navigating scarce alpha, fragmented data, and rising oversight, ensembles are not just another tool, they are the operating system for modern investment modeling. This summary is based on the CFA Institute Research Foundation and CFA Institute Research and Policy Center monograph “Ensemble Learning in Investment: An Overview,” by Alireza Yazdani, PhD, which explores how ensemble learning enhances financial forecasting and risk management. source

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Dow Jones Futures Rise, Oil Prices Tumble On Cautious Hopes For Iran Peace Deal

Dow Jones futures rose strongly early Wednesday, along with S&P 500 futures and Nasdaq futures, as oil prices tumbled, on reports that the U.S. sent a peace plan to Iran. The stock market rallied off morning lows with the major indexes closing lower Tuesday but small caps rising. That’s despite crude oil prices and Treasury yields rebounding from Monday’s losses.… source

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Reframing Financial Markets as Complex Systems

Industries worldwide are evolving rapidly amid new technologies and policy shifts, while markets are more interconnected than ever. Information travels almost instantaneously across global networks, meaning a shock in one market can ripple quickly through others. The investment industry must continually adapt to changing economic and market environments, yet traditional financial models — built on assumptions of equilibrium and rational actors — often struggle to capture the unpredictable, networked, and nonlinear behaviors observed in financial markets. This report reconsiders how we understand financial markets, framing them as complex systems and offering alternative approaches to traditional financial models. By applying methods from complex systems sciences, it equips financial professionals with new tools for systemic risk analysis, portfolio management, and system-level investing. Techniques such as agent-based modeling and network theory can be used to understand and capture complex market phenomena such as emergent behavior, nonlinearity, feedback loops, and structural resilience. For portfolio managers and risk analysts, adopting a systems perspective means moving beyond normal distributions and equilibrium-based models to capture investment complexity and better inform scenario planning, portfolio optimization, and risk management. For regulators, it means leveraging new models to strengthen systemic risk oversight and macroprudential policies. source

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Conversations with Frank Fabozzi, CFA, Featuring Mark Anson

In this upcoming episode of Conversations with Frank Fabozzi, CFA, Mark Anson, CFA, they discuss how institutional investors are positioning portfolios in a less-synchronized global economy.  Key Talking Points:  Private credit’s evolution from shadow banking to mainstream allocation Geographic diversification in a less-synchronized global economy Applying the equity risk premium as a valuation discipline Allocating to artificial intelligence across platforms, data centers, and power   source

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Financing the Sustainable Development Goals: Exploring the Role of Government Bond Investors

Laurens Swinkels, Jan Anton van Zanten, Bruno Rein, and Rikkert Scholten A new SDG scoring method aligns government bond portfolios with sustainable goals, guiding capital to nations with strong SDG policies. It addresses income bias in sovereign ESG ratings and offers a practical framework for impactful investing. source

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Are spandex stunts in Singapore stretched too far?

In recent months, people in spandex suits have become a popular choice for on-ground activations due to it being fun, eye-catching and cost-efficient. Just this week, Tiger Brokers enlisted men in bright yellow spandex to challenge strangers to pull-ups, sprints and broad jumps in unbranded teaser activations around Bedok Reservoir and Collyer Quay. The activation aimed to nudge participants toward its “Where’s your next step” campaign. Meanwhile, StarHub’s “Hublings” took over Orchard Road in March, handing out unlimited matcha ice cream to bring the telco’s “We got you” promise to life. For the uninitiated, the Hublings are a cast of non-speaking characters clad in green spandex, representing the brand’s reliability and care.  These ideas are not new. In 2024, fashion and lifestyle eCommerce platform ZALORA painted the town red over its 11.11 sale, sending people in red spandex through Singapore and Kuala Lumpur with trolleys and boxes reading “Shop more. Save more.” According to industry players such as Jian Yi Lay, group creative director at VaynerMedia APAC, the approach “feels a bit tired now”. Some activations, Lay notes, fit the brand story seamlessly, while others leave one wondering what the stunt has to do with the product. Don’t miss: Can one purple mascot cause this much chaos?  According to Lay, StarHub’s “Hublings” move, for example, resonated with its 2025 campaign. By aligning the stunt with the campaign’s narrative, the activation felt purposeful and on-brand. Tiger Brokers’ yellow spandex stunt, in contrast, raises a broader question about how such activations connect to a brand’s story. The stunt marks the start of a wider push, which includes partnerships with groups such as Easy Pace Run Club, Urban Milers, and Pickle Academy of Singapore, as well as wellness players such as Beam World Yoga and Shelter by ReFormd. However, Lay notes that the stunt itself illustrates a common challenge: creating attention-grabbing activations that feel genuinely relevant to the brand. “Why focus on the fitness category instead of everyday activities to give people a head start?” he asked, highlighting the importance of aligning spectacle with strategic messaging. Not everyone sees the spandex approach as overdone. VJ Anand, co-founder and chief experiment officer of Ballsy, welcomes the move. In today’s advertising climate, he said, any brand investing in and experimenting with new ideas is already taking a meaningful step. Naturally, some will love it, and some won’t, but that’s part of the process, Anand added. This frames spandex stunts as one of many ways for brands to spark engagement and curiosity in crowded markets. In all, Lay said what separates a culturally sharp execution from a tired stunt is whether people are talking about it. Successful activations should tap into excitement and create conversation. He highlighted YouTrip’s “Purple sky” stunt in Malaysia and its follow-up “Purple orb” in Singapore to show how a little mystery can spark organic engagement, with netizens speculating, joking, and sharing widely across social media. “YouTrip’s stunts created so much buzz because people kept seeing purple clouds in different spots. It even had people speculating about a BTS comeback, which shows how a stunt can truly root itself in pop culture,” he explained.  Do stunts lead to conversions?  Stunts featuring people in spandex are just one of many ways brands attempt guerrilla marketing. While they can cut through the clutter, they do not automatically drive conversions. In a previous conversation with MARKETING-INTERACTIVE, Ron Graham, management team member at Plan B Media and former COO of Kinetic Worldwide, said: “Without a solid message and specific value proposition, such activations are unlikely to translate into meaningful action.” He added that even in busy locations, small-scale on-ground stunts have limited reach. “The hope for viral amplification on social channels will give some uplift, but realistically, that exposure is fleeting and will be forgotten quickly if the activation doesn’t offer value to viewers,” said Graham. Echoing his sentiment, Goh Shufen, founder of R3, noted that awareness alone does not equate to sales. Consumers might remember the outfits or the spectacle, but not the message. To improve effectiveness, brands should focus on stronger O2O integration, ensuring seamless conversion and clear messaging with easy-to-follow calls-to-action that are as attention-grabbing as the stunt itself, added Goh. Be part of #Content360 Singapore, 22–23 April 2026, where creativity and culture collide. Explore how AI-driven storytelling is shaping the future of content, gain practical insights, discover new tactics, and learn how the best in Asia are creating campaigns that truly resonate.  Related articles:     Wingstop SG Instagram account “hacked” by unhinged hardcore fan in marketing stunt Duolingo’s owl passes on, investigations ongoing  Grab takes Singapore’s ‘chope’ culture to the next level with restaurant stunt  source

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Gen Z perspectives: IBM and Ogilvy part ways, Grab in Taiwan & our favourite Raya campaigns

Happy Friday, MARKETING-INTERACTIVE readers and welcome back to Gen Z Perspectives, your go-to feature where we unpack the week’s top stories and trending topics through the eyes of Gen Z. From the biggest industry moves to viral moments and marketing controversies worth dissecting, we’re bringing the heat with authenticity, awareness and probably a few unfiltered takes. This week, IBM and Ogilvy called time on a 32-year partnership, Grab made its move into Taiwan, and we took a closer look at the Raya campaigns that stuck with us this year.  Swing into the buzz you need to see. Don’t miss: Gen Z perspectives: Creative Labs, Starbucks x Harry Potter and PR Awards 2026 1. IBM and Ogilvy part ways after three decades WPP’s Ogilvy has concluded its tenure as IBM’s creative agency of record, bringing a 32-year partnership – one of the longest in modern advertising – to a close. An Ogilvy spokesperson told MARKETING- INTERACTIVE the agency would not participate in IBM’s creative RFP. The relationship started in 1994, when IBM placed its US$500 million advertising business with Ogilvy, leading to campaigns that shaped the company’s identity over multiple eras. The two firms celebrated the three-decade milestone in August 2024 at Ogilvy’s 3 World Trade Center headquarters. Read more here.  2. Grab to expand into Taiwan via foodpanda acquisition Grab Holdings is set to enter Taiwan for the first time through the acquisition of Delivery Hero’s foodpanda delivery business in the market, marking a major milestone in its regional expansion strategy. The deal, valued at US$600 million on a cash-free and debt-free basis, will see Grab establish a presence in its ninth market and its first outside Southeast Asia. The transaction remains subject to regulatory approvals and is expected to close in the second half of 2026. Read more here.  3. 11 Raya campaigns that hit the right notes in 2026 2026 is the year brands truly went all out for their Ramadan-Raya campaigns. We’ve seen everything from musicals to social-first activations, microdramas, heartwarming tearjerkers and, did we already mention… musicals? For brands with longstanding legacies of releasing Raya films each year, expectations were higher than ever. Notably, some big names have chosen to sit this year out, despite delivering memorable campaigns in the past. While they are missed, this year’s lineup has more than made up for it, bringing both tears and festive joy, offering a much-needed spark amid everything happening in the world right now. Read more here.  Be part of #Content360 Singapore, 22–23 April 2026, where creativity and culture collide. Explore how AI-driven storytelling is shaping the future of content, gain practical insights, discover new tactics, and learn how the best in Asia are creating campaigns that truly resonate.  Related articles: Agency agenda: Burson APAC’s HS Chung on resetting culture for the future   Why PUMA’s SG trademark war with Tiger Woods’ Sun Day Red was a leap too big  13 Raya packets that brought more than just duit this 2026 source

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Tiger Beer to cease brewing operations in Singapore by 2027

Singapore’s homegrown beer icon Tiger Beer is set to end large-scale brewing at its Tuas brewery by the end of 2027, marking the close of 95 years of local production.  Following the closure, approximately 130 roles may be affected, with severance, reskilling, and career support coordinated with the Food and Drink Allied Workers Union (FDAWU) and NTUC’s e2i, according to a statement seen by MARKETING-INTERACTIVE.  Looking ahead, HEINEKEN’s Asia Pacific Breweries Singapore (APBS) will move to an import-based supply model, with production shifting to regional hubs in Malaysia and Vietnam. Don’t miss: Heineken launches first global GenAI lab in SG Beyond brewing, APBS plans to repurpose the Tuas site for regional logistics and innovation, including a pilot brewery. Singapore will also host HEINEKEN’s GenAI Lab, supporting productivity and decision-making across the region. Since its 1932 founding, Tiger Beer has grown into one of Asia’s most recognisable global brands. According to APBS, more than 95% of its volume is sold outside Singapore today, across over 60 markets. The brand has also boosted its global profile through official partnerships with Manchester United and Tottenham Hotspur, cementing its international reach while keeping strategic leadership rooted in Singapore. “For generations, our Tuas brewery has contributed to Singapore’s brewing heritage, and we recognise the colleagues who have built that legacy. As we position the business for the next decade, we will further build Singapore-based capabilities in GenAI, brand leadership and innovation, alongside stronger regional commercial and logistics support,” said Kenneth Choo, managing director, HEINEKEN APAC.  He added, “We recognise this is a difficult transition, and we are committed to supporting impacted colleagues with fairness, dignity and respect. Singapore will remain the home of Tiger Beer, and we will continue to invest in its future.” On the job impact, Sankaradass Chami, FDAWU general secretary said, “FDAWU recognises that the shift in its business model is a difficult decision as it affects its employees. We appreciate that APBS engaged the union in advance and worked together with us to work through our support for affected employees.” “Through close union-management engagement, we have worked to ensure that affected employees are treated fairly with negotiated severance packages and are supported responsibly, including access to the necessary employment and career support as they move forward,” he added.  The Tuas brewery phase-out comes as Tiger Beer continues to engage Singaporeans with localised experiences. Earlier this year, the brand rolled out its first-ever Chinese New Year lion dance troupe, the ‘Huat squad’, alongside digital greeting videos to spread festive cheer across the island. The troupe featured five lions representing the five blessings Singaporeans wish for—longevity, wealth, health, kindness and peace—and made appearances at six roadshows from 30 January to 15 February, bringing traditional sights and sounds to supermarkets and neighbourhood kopitiams. Complementing the in-person activations, Tiger launched the digital “Send the Huat” experience, allowing festive greetings to double as prize-winning opportunities, extending the celebration beyond physical events. Be part of #Content360 Singapore, 22–23 April 2026, where creativity and culture collide. Explore how AI-driven storytelling is shaping the future of content, gain practical insights, discover new tactics, and learn how the best in Asia are creating campaigns that truly resonate.  Related articles: Heineken unites football, F1 and music under new sponsorship platform  Tiger Beer taps ‘kiasu’ spirit in Monopoly campaign for SG60   Tiger Beer roars with Singaporean pride in eclectic campaign source

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Unilever taps SAMY to scale global influencer strategy across foods division

Unilever has appointed social-first agency SAMY to lead its global influencer strategy for the foods division, covering brands including Hellmann’s and Knorr. The remit spans 13 markets and forms part of Unilever’s push toward a “many-to-many” brand-building model, as it leans further into creator-led marketing across digital platforms. The strategy will centre on a social-first approach, using creators, AI and real-time cultural signals to drive reach and engagement, alongside continued investment in brand marketing. Don’t miss: Unilever’s independent ice-cream unit picks Publicis Groupe as global media AOR At the heart of the strategy is SAMY’s proprietary Maia platform, which gives Unilever Foods access to more than 120 million influencers globally, alongside performance data to track and optimise impact. A multi-market, ‘glocal’ SAMY team will support execution across key regions including the United States, the United Kingdom, Mexico, Brazil, Indonesia, the Philippines, Germany, France, Poland, Pakistan, Argentina, Canada and Turkey. In addition, the agency will provide hyper-local cultural insight to guide where and how Unilever brands show up, while ensuring relevance in each market. Beyond activation, SAMY will also build systems and frameworks to ensure consistency in how creators and partners represent Unilever brands, as well as measurement models to track and grow audience connections across brands such as Hellmann’s and Knorr. Sonsoles Piñeiro Kruik, chief growth officer at SAMY, said the appointment marks a milestone for both companies as Unilever pilots its social-first approach within Foods. “Taking on Unilever’s ambition to deliver a strategy that can be translated across 13 markets, within an organisation operating at that scale, is a complex challenge,” she said. “With teams working across continents, we’ll bring hyper-local intelligence into a shared global system, enabling Unilever to orchestrate influencer activity at scale while ensuring creator partnerships are shaped by the realities of each local market, rather than a one-size-fits-all approach,” added Kruik. Meg Bass, global media manager at Unilever’s Foods, added that the strategy is centred on meeting consumers where they are and building “desire at scale”. “This means leaning strongly into creators who can help our stories travel further, feel more authentic and resonate more deeply,” she said. “Working with SAMY will allow us to combine technology and data with deep knowledge of the whole social ecosystem, leading to more informed decisions around where and how we activate creator partnerships across markets.” This will also give markets a clearer structure for working with creators, while still allowing them to respond to local behaviours, tastes and cultural context in a way that feels credible, she explained. Last year, Unilever appointed Publicis as its media agency of record for its newly formed independent ice-cream business. The global remit covers media planning, buying and strategy in key global markets, including China, India and Indonesia. The incumbent on the account is WPP Media’s Mindshare, which handled Unilever globally. Related articles: Unilever Indonesia elevates communications head Nurdiana Darus to board director Unilever Indonesia communications director Kristy Nelwan departs after six years Unilever to exit SariWangi as Indonesia tea business changes hands in US$89m deal source

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Fundamental Growth

Conventional growth indices suffer from two important shortcomings. First, stocks that are anti-value (very expensive) are not necessarily growth stocks. The decision to include a stock in a growth index should be based on fundamental growth measures, such as growth in sales, profits, or R&D spending, rather than price-based measures. Second, when these indices are weighted by objective measures of growth, rather than by market value, performance markedly improves. Overpaying for growth is unhelpful. We also assert that some stocks with poor growth prospects and unattractive valuations may have no place in either value or growth indices. source

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