This month we move from the market backdrop to real-world portfolio building.We start in the U.S., where earnings season has sharpened the picture on fundamentals, with tech still leading and signs of market leadership broadening beyond the mega-caps. We also unpack the themes shaping sentiment, from debt-financed AI capex to the “SaaSpocalypse” narrative after a sharp correction in parts of the software space.In the first part, Marcus Weyerer, CFA, Director of ETF Investment Strategy EMEA at Franklin Templeton ETFs, walks through the key market signals and connects them to the rapid rise of active ETFs.In the second part, Lisa Wang, CFA, Head of EMEA Investment Strategy at Franklin Templeton Investment Solutions, it down to portfolio level, explaining how to focus on “compensated” risks and use a disciplined core–satellite approach to stay close to the market while aiming to add value over time.