Thought Leadership

10 Things You May Not Know About the SpaceX IPO

The biggest stock market debut in history is just days away. Here’s what the headlines are missing.

1. It’s Not Just a Rocket Company

SpaceX merged with Elon Musk’s AI company, xAI, which also owns X (formerly Twitter), just four months before going public. SpaceX is part rocket company, part satellite internet provider, part AI lab, and part social media platform—all under one ticker: SPCX.

2. SpaceX Wants to Put Data Centers in Space

One of SpaceX’s most ambitious and least-known projects is the development of space-based data centers. The goal is to build massive AI computing platforms in orbit, powered by near-continuous solar energy and connected through Starlink’s high-speed satellite network.

3. It Lost Nearly $5 Billion Last Year

Despite a hoped-for $1.75 trillion valuation, SpaceX posted a net loss of $4.9 billion in 2025. Investors are betting heavily on the company’s future—one the company itself acknowledges relies on “unproven technologies or technologies that do not exist.”

4. Starlink Is the Real Money Maker

Starlink, the company’s satellite internet arm, generated $11.4 billion in revenue in 2025 with profit margins above 60%. It’s the cash cow funding everything else. Meanwhile, the xAI and X segment burned through $6.4 billion in operating losses last year.

5. Musk Controls 80% of the Vote

There are two classes of shares. Musk’s Class B shares carry 10 votes each, while the Class A shares being sold to the public carry just one. Musk can unilaterally approve mergers, set his own pay, and override the board—indefinitely.

6. Only 4.3% of Shares Are Going Public

The IPO will raise $75 billion at a $1.75 trillion valuation, meaning only about 4.3% of the company will initially be available for public trading. With such a small float, investor demand could have an outsized impact on the share price, potentially leading to significant volatility.

7. Tesla Owns a Piece of SpaceX

Tesla invested roughly $2 billion in xAI, an investment that converted into SpaceX shares through the merger. Tesla now holds about $3.7 billion worth of SpaceX stock. Two separate public companies, both run by Musk, now partially own each other.

8. The U.S. Government Is a Major Customer

Starlink holds a $1.8 billion contract with the National Reconnaissance Office, much of which remains classified, and its government-only unit, Starshield, is believed to hold billions more in classified deals. Musk’s companies have received more than $38 billion in government funding since 2003.

9. No S&P 500 Inclusion Anytime Soon

Despite its enormous size, SpaceX won’t be eligible for inclusion in the S&P 500 anytime soon. S&P Dow Jones Indices requires newly public companies to trade for at least 12 months before consideration. Companies must also meet profitability requirements, including positive GAAP earnings over the most recent four quarters.

10. One Rocket Has Flown 34 Times

SpaceX has completed around 650 orbital launches, and more than 540 used a previously flown booster. One specific Falcon 9 booster has flown 34 times. This level of reusability is a major reason SpaceX can undercut competitors on launch costs and maintain industry-leading margins.

What This Means for Ultra-High-Net-Worth Investors

For investors with significant, concentrated portfolios, the SpaceX IPO presents a unique set of opportunities—and risks—that require a more nuanced lens than standard market analysis provides.

Concentration & Governance Risk: Musk’s 80% voting control means SPCX behaves less like a public company and more like a controlled private asset with a liquid wrapper. For portfolios exposed to Tesla, xAI, or X, the cross-ownership creates hidden concentration that standard diversification models won’t capture.

Tax & Liquidity Planning: The 12-month S&P 500 exclusion window, combined with expected volatility from the small float, creates potential tax-loss harvesting windows and options premium opportunities for sophisticated investors willing to be patient and tactical.

Geopolitical & Government Dependency: With over $38 billion in government funding and classified contracts across Starlink and Starshield, SpaceX’s revenue base is deeply entwined with U.S. defense and intelligence priorities. Investors with existing government contract exposure should evaluate potential regulatory scrutiny carefully.

Disclaimer: Pitcairn Wealth Advisors LLC (“PWA”) is a registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Registration does not imply a certain level of skill or training. Additional information about PWA, including our registration status, fees, and services is available on the SEC’s website at www.adviserinfo.sec.gov. This material was prepared solely for informational, illustrative, and convenience purposes only and all users should be guided accordingly. All information, opinions, and estimates contained herein are given as of the date hereof and are subject to change without notice. PWA and its affiliates (jointly referred to as “Pitcairn”) do not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether referenced or incorporated herein, and takes no responsibility thereof. As Pitcairn does not provide legal services, all users are advised to seek the advice of independent legal and tax counsel prior to relying upon or acting upon any information contained herein. The performance numbers displayed to the user may have been adversely or favorably impacted by events and economic conditions that will not prevail in the future. Past investment performance is not indicative of future results. The indices discussed are unmanaged and do not incur management fees, transaction costs, or other expenses associated with investable products. It is not possible to invest directly in an index. Projections are based on models that assume normally distributed outcomes which may not reflect actual experience. Consistent with its obligation to obtain “best execution,” Pitcairn, in exercising its investment discretion over advisory or fiduciary assets in client accounts, may allocate orders for the purchase, sale, or exchange of securities for the account to such brokers and dealers for execution on such markets, at such prices, and at such commission rates as, in the good faith judgment of Pitcairn, will be in the best interest of the account, taking into consideration in the selection of such broker and dealer, not only the available prices and rates of brokerage commissions, but also other relevant factors (such as, without limitation, execution capabilities, products, research or services provided by such brokers or dealers which are expected to provide lawful and appropriate assistance to Pitcairn in the performance of its investment decision making responsibilities). This material should not be regarded as a complete analysis of the subjects discussed. This material is provided for information purposes only and is not an offer to sell or the solicitation of an offer to purchase an interest or any other security or financial instrument.

by Georgie King

Turim Letter 45 - Light, Circadian Rhythms, and Longevity: The Biological Cost of Living Disconnected from Nature

“Light is not so much something that reveals, as it is itself the revelation.” – James Turrell

This Letter emerged from a lecture. At South by Southwest 2026, Mark Reynoso, CEO of Korrus, led the session Awakening to Light: Returning to Nature’s Rhythm. The reflections that follow begin with that encounter and expand into broader directions, spanning chronobiology, architecture, and the long history of humanity’s relationship with light.

Never before have we exercised so much control over light. We can extend the day late into the night, work at any hour, cross time zones within hours, and spend entire weeks in environments where the sun no longer determines much of anything. We have gained convenience, mobility, and productivity.

A phrase by James Turrell, the artist who devoted his life to sculpting with natural light, offers a useful inversion. Light is not merely an instrument that illuminates the world. It is itself part of what is revealed. Somewhere along the way, perhaps, we lost sight of that perception.

We increasingly live detached from the natural cycles that regulate the human body, and the cost of that separation appears in symptoms that often seem unrelated: fragmented sleep, elevated cortisol, chronic low grade inflammation, metabolic dysfunction, and persistent fatigue. Taken together, however, they suggest a common origin, the growing mismatch between the lives we lead and the biology we inherited.

A Brief History of Light

For most of human history, light was not merely an environmental condition; it was the very structure of time itself. Sunrise organized wakefulness, movement, and work, while dusk prepared the body for rest and deceleration. Even after fire, candles, and later oil lamps extended human activity into the night, darkness still imposed limits. The alternation between light and dark remained imperfect, yet unmistakable. There was a recognizable interval between activity and rest, between exposure and retreat.

Electricity changed that equation on an entirely different scale. Light ceased to be solely a natural phenomenon and became a tool of convenience. The nineteenth century illuminated factories and streets; the twentieth brought that transformation into offices, homes, storefronts, and cities that no longer grew fully dark; and the twenty-first century intensified the process through portable screens, permanent connectivity, and lives spent increasingly indoors.

In his lecture, Reynoso proposed a compelling interpretation of this trajectory: over the past few centuries, we have become increasingly detached not only from nature itself, but from the rhythmic experience of life, gradually replacing the cadence of the natural world with the demands of clocks, cities, and continuous production.

The analogy Reynoso drew at SXSW was particularly precise. Artificial light, over the last century and a half, has followed a path similar to that of industrial bread. Modern bread still resembles the original product, but much of what once made it nutritionally complete has been stripped away along the way. The same has happened with the lighting that illuminates contemporary life. It preserves the function of illumination, yet delivers only a fraction of the spectrum sunlight naturally provides to the human body, discarding, in the name of energy efficiency, wavelengths that carry important biological information.

“So literally, as humans, we have four macronutrients: food, water, air, light.” – Mark Reynoso

Reynoso’s argument moves light out of the realm of aesthetics and into that of physiology. We tend to think of lighting as a matter of ambience, shaped by visual preference or energy efficiency. In reality, light is one of the oldest and most fundamental signals the human body has learned to interpret, operating on the same level as what we eat, drink, and breathe.

The light that enters through the eyes does far more than enable vision. It carries dense biological information that the body continuously reads, calibrating hormones, regulating internal temperature, organizing sleep and wake cycles, and signaling to the digestive system when to activate and when to rest.

The Clock We Carry Within

The discovery that human beings are governed by biological clocks is not new, but only recently has it acquired deeper scientific understanding. In 1729, the French astronomer Jean Jacques d’Ortous de Mairan observed that a plant continued opening and closing its leaves in regular cycles even under constant darkness. The plant carried an internal clock. More than two centuries later, in 2017, Jeffrey Hall, Michael Rosbash, and Michael Young received the Nobel Prize in Medicine for mapping the molecular mechanisms underlying circadian rhythms in mammals. The term comes from the Latin circa diem, meaning “around a day,” and describes a set of physiological processes that repeat approximately every twenty four hours across nearly every tissue in the human body.

“Look deep into nature, and then you will understand everything better.” — Albert Einstein

Einstein’s intuition resonates deeply with contemporary biology. The conductor of the circadian rhythm resides in a tiny region of the brain known as the suprachiasmatic nucleus, located just above the optic chiasm. It receives signals directly from the retina and uses them to regulate the production of melatonin, cortisol, insulin, sex hormones, body temperature, cardiac activity, and countless other physiological functions. The circadian rhythm operates, therefore, as infrastructure. It works silently, sustaining nearly everything that happens within the body, from mood to immunity.

Matthew Walker, one of the leading voices in sleep science, captures this idea well by describing sleep not as a passive interruption, but as a central process for physical and mental balance. In Why We Sleep, he explains how sleep helps recalibrate emotions, strengthen the immune system, regulate metabolism, and control appetite. In other words, sleeping well is not merely a form of rest. It is what allows an essential part of human biology to continue performing its work.

Satchin Panda, of the Salk Institute and author of The Circadian Code, expands this perspective from another angle by linking circadian disruption to an astonishing range of conditions, including obesity, type 2 diabetes, cardiovascular disease, depression, certain forms of cancer, and cognitive decline.

Life Under A Roof

The World Health Organization, along with several subsequent studies conducted in Europe and North America, estimates that modern adults spend roughly ninety percent of their lives indoors.

Indoor lighting typically ranges between 100 and 500 lux. Sunlight, even on an overcast day, easily exceeds 10,000 lux, and under a clear midday sky can surpass 100,000. The gap is so vast that, in indoor environments, the body receives very little information about the actual time of day. At night, monitors, lamps, and screens continue signaling to the brain that it is still daytime, suppressing melatonin production and delaying sleep onset.

Frank Lloyd Wright, one of the most influential architects of the twentieth century, once wrote that light is increasingly what gives beauty to architecture. His designs began with the sun before they began with the land itself. Homes such as Fallingwater, in Pennsylvania, were conceived to follow the movement of light throughout the day, with windows that extended the outside world into the living space.

Wright’s intuition, formulated decades before the emergence of chronobiology, anticipated a perception that science now confirms with remarkable precision: the quality of the light we receive shapes the quality of the life we experience beneath it. Most contemporary buildings, designed around very different priorities, seem to have forgotten that lesson.

The result is a quiet form of misalignment. The human body, programmed to alternate between activity and rest in sync with the solar cycle, now operates in environments that provide few clear signals of whether it is morning, afternoon, or night. Studies involving night shift workers, considered by the World Health Organization to represent a model of circadian disruption, consistently show an association with increased risks of metabolic disease and cancer. What these workers experience in its most extreme form is, in many ways, a concentrated version of what many people encounter more diffusely throughout modern life.

Small Returns To Rhythm 

The encouraging news is that the circadian system is remarkably adaptable. It responds quickly to changes in habit, and some simple practices produce effects disproportionate to the effort they require. It is worth considering them in chronological order, following the natural sequence of the day.

Morning is the most sensitive moment. Andrew Huberman, a neuroscientist at Stanford, recommends receiving between two and ten minutes of direct sunlight within the first hours after waking, without the filter of windows or sunglasses. This seemingly trivial act recalibrates the biological clock, advances the morning cortisol peak, and improves sleep quality the following night.

Russell Foster, neuroscientist at Oxford and author of Life Time, complements this recommendation with another equally well established practice: maintaining consistent sleep and wake schedules, including on weekends. Irregularity between weekdays and weekends creates what researchers call social jet lag, a chronic misalignment between social and biological rhythms.

Food functions as a second hand on the body’s internal clock. In several studies, Satchin Panda demonstrated that concentrating meals within a shorter eating window, ideally aligned with daylight hours, improves metabolic markers and sleep quality. The first meal tends to be more beneficial when consumed some time after waking, while the final meal is better taken several hours before sleep.

Afternoon requires attention to transition. Avoiding caffeine beginning in the early afternoon, a recommendation frequently emphasized by Matthew Walker, helps the nervous system decelerate as night approaches. Light, once again, is central. Reducing exposure to bright light during the two or three hours before sleep preserves the body’s natural melatonin curve. Replacing cool lighting with amber or indirect light later in the day is a subtle yet effective adjustment.

The bedroom, finally, matters more than we often imagine. A cool, dark, and quiet environment supports deep sleep, the phase during which the most important processes of cognitive consolidation and cellular repair occur. Charles Czeisler, Harvard professor and one of the leading authorities in applied chronobiology, notes that even small sources of nighttime light, such as the LEDs of electronic devices, can be sufficient to alter the quality of that sleep.

There is, finally, one practice that brings together nearly all of these elements in a single gesture. Walking outdoors during the day, even under cloudy skies, recalibrates the system more effectively than almost any supplement.

There is also a subtle pattern among business leaders known for the longevity of their careers. Warren Buffett has maintained a remarkably consistent and uncomplicated routine for decades. Jorge Paulo Lemann made tennis and outdoor sports an inseparable part of his personal discipline. Ray Dalio describes daily meditation as one of the pillars that sustained the clarity with which he led Bridgewater for nearly five decades. Music producer Rick Rubin, mentioned by Reynoso, recommends beginning the day in sunlight, even if only for a few minutes. These habits, seemingly unrelated at first glance, share a common root: they protect rhythm, and rhythm, over time, takes care of almost everything else.

What Does This Have To Do With Longevity?

Longevity extends beyond life expectancy alone. There is perhaps a more meaningful measure: healthspan, the number of years lived with functional health. Wealth accumulated over decades holds limited value if those who built it are no longer able to enjoy it, make decisions about it, or consciously pass their choices on to the next generation. From this perspective, caring for biological rhythm begins to resemble what we understand as long term stewardship. At its core, it is a form of capital, one that compounds quietly through discipline and erodes just as quietly when that discipline breaks down.

In an era where productivity and speed are often mistaken for progress, returning to the respect for natural cycles may appear regressive. Contemporary research suggests the opposite. Cognitive performance, decision making, emotional resilience, and physical health all depend on a body operating in rhythm. Accepting that certain rhythms lie beyond our control, and that the wisest course is to work with them rather than against them, may be one of the most mature forms of practical intelligence.

A Final Observation 

At its best, wealth management is a practice shaped by time. No truly sound decision can exist without the patience required for it to mature. Market cycles, generational transitions, the building of institutions, and the continuity of families all follow a logic that has little in common with the speed of everyday life. Those who work with long term horizons eventually learn that time is less an adversary than a quiet collaborator.

The parallel with the human body goes beyond metaphor. The same principles that sustain enduring wealth, patience, consistency, attention to subtle signals, and the refusal to force cycles, also apply to the health of those responsible for preserving it. In both cases, what endures depends less on sudden movements than on the discipline of respecting the proper rhythm of things.

In a world illuminated twenty four hours a day, perhaps the most sophisticated gesture is to relearn how to live in harmony with the light the body has known for millennia. There is a quiet form of intelligence in that gesture, far removed from nostalgia. Nature did not invent rhythm. Nature is rhythm. And there are good reasons to believe that living well, for a long time, depends on learning to hear it again.

_____________________________________________________________________________________________

Starting with the previous edition, we began dedicating the second theme of our Semiannual Letters to longevity, a concept deeply connected to our purpose of preserving wealth and legacy across generations.

More than a biological matter, longevity invites reflection on time, purpose, and continuity, principles that also shape the way we care for families and their stories at Turim.

For those interested in exploring this dialogue further, we invite you to listen to the Valores no Tempo podcast, available on the major audio platforms, where each season includes an episode dedicated to longevity and its implications from different perspectives.

by Georgie King

Pitcairn - Software as a Service in the Age of AI

Digital Infrastructure for Today’s Economy

Ultra-high-net-worth investors are increasingly asking a fundamental question about artificial intelligence and software as a service (SaaS): If AI can write code, automate workflows, and reduce human labor, what ultimately protects the value of the SaaS companies we own?

The answer is becoming clearer. AI is unlikely to eliminate software as an investment category, but it will force a sharper distinction between companies that function as mission-critical infrastructure and those that operate as replaceable productivity tools. The difference matters because the long-term winners are likely to be the platforms deeply embedded in the operational core of enterprises’ businesses, which customers cannot easily remove without introducing financial, regulatory, or operational risk.

Mission-Critical Infrastructure, Not Optional Tools

For sophisticated investors, this transition should not be viewed simply as another technology cycle. It is more accurately understood as a reclassification of software itself. The strongest software businesses are increasingly resembling infrastructure assets: recurring, deeply integrated, operationally essential, and capable of compounding value across multiple economic and technological cycles.

This is not the first time software has undergone a structural shift. The industry previously navigated the transition from perpetual licenses to subscription-based SaaS models. At the time, investors worried about margin pressure, changes to revenue recognition, and slowing growth. Yet companies that adapted successfully emerged with stronger recurring revenue profiles, higher retention rates, and significantly more durable cash flows.

Today’s transition is technologically different but economically familiar. Software is evolving from selling access to tools toward delivering measurable business outcomes. Rather than charging primarily for seats or users, many platforms are beginning to monetize completed work such as invoices processed, claims reviewed, threats identified, or workflows automated. In practice, the near-term model will likely blend recurring subscription revenue with usage- or outcome-based pricing.

For long-term investors, this shift could ultimately expand software’s addressable market by allowing platforms to absorb functions that historically relied on labor rather than technology.

Why Infrastructure-Like Software Matters More Now

The recent correction across software valuations has created understandable caution. However, a broad retreat from the sector risks missing an important distinction: AI may weaken superficial applications while simultaneously strengthening deeply embedded enterprise platforms.

The strongest SaaS businesses increasingly operate as systems of record or systems of action across functions such as compliance, financial reporting, healthcare administration, cybersecurity, billing, and customer management. Replacing these systems is rarely a simple technology decision. In many organizations, doing so would require extensive data migration, operational retraining, regulatory review, security validation, and acceptance of meaningful business disruption risk.

That dynamic creates unusually durable customer relationships. For investors accustomed to evaluating long-duration assets, the characteristics are familiar: recurring revenues, high switching costs, embedded utility, and resilient pricing power.

This is one reason why software should not be analyzed solely through the lens of short-term AI disruption narratives. Many enterprise platforms are not merely tools employees happen to use; they are foundational operational environments around which entire businesses function.

Proprietary Context May Become More Valuable Than Code

One of the market’s most common assumptions is that if AI makes code generation easier, software moats inevitably weaken. That conclusion may prove too simplistic.

As code becomes easier to replicate, the truly scarce asset may shift from the software itself to the proprietary context in which it is used. The most durable companies are often distinguished not by lines of code, but by years of accumulated workflow expertise, customer-specific integrations, regulatory knowledge, governance infrastructure, and operational trust.

This distinction is especially important for ultra-high-net-worth investors evaluating both public and private market opportunities. Many AI-native businesses can demonstrate impressive technical capabilities early in their lifecycle. Far fewer possess the enterprise relationships, implementation depth, or institutional trust required to become long-term systems of record.

In enterprise environments, the challenge is rarely just building functionality. The challenge is achieving reliability, governance, accountability, and adoption at scale.

Trust Becomes a Competitive Advantage in the AI Era

Trust is likely to become one of the defining competitive advantages in enterprise software over the next decade.

General-purpose AI systems are inherently probabilistic. Enterprise operations often require deterministic, auditable outcomes. Payroll systems, healthcare workflows, financial reporting, cybersecurity platforms, and insurance claims processing cannot operate effectively on outputs that are merely “mostly correct.”

This reality benefits incumbent platforms that have spent decades building governance frameworks, compliance systems, auditability, and security controls. As AI increasingly shifts from assisting human decision-making to executing workflows autonomously, these trust layers may become even more valuable.

For investors focused on preserving and compounding capital across generations, this matters significantly. Durable enterprise trust is difficult to replicate quickly, even in an environment where product development accelerates dramatically.

AI Could Deepen Existing Moats

Importantly, AI is not solely a disruptive force. For many established platforms, it may become a mechanism for strengthening competitive positioning.

A company that already controls a mission-critical workflow can embed AI directly into existing systems, improving speed, efficiency, and customer outcomes without requiring clients to replace foundational infrastructure. In many cases, this deepens workflow dependency rather than weakening it.

Over time, that dynamic could expand addressable markets and shift monetization models toward value-based pricing tied directly to productivity gains or operational outcomes. Investors should not underestimate how meaningful this could become for high-quality software franchises with strong customer retention and disciplined management teams.

Where the Greatest Risks Exist

Not every SaaS company is positioned equally well for this transition. Businesses most exposed to AI disruption are often those that rely on relatively thin functionality, limited workflow ownership, or user-interface differentiation without deeper operational integration. AI can compress product cycles rapidly, making it increasingly difficult for narrowly focused applications to maintain defensible competitive advantages.

Companies dependent on pure seat-based pricing may also face pressure if AI reduces the number of human users required to perform certain tasks while simultaneously increasing compute and infrastructure costs.

For investors in both public and private markets, this may lead to a far wider dispersion between durable software compounders and businesses whose economics prove more fragile than previously assumed.

Conclusion: AI Is Likely to Clarify Which Software Businesses Are Truly Indispensable

AI is unlikely to end software. More likely, it will reveal which SaaS companies are genuinely indispensable.

The strongest businesses in the AI era will probably share several characteristics: mission-critical workflows, deep operational integration, trusted governance frameworks, proprietary context, strong customer retention, and the ability to evolve monetization models alongside technological change.

For ultra-high-net-worth investors, the key question is no longer simply which companies “have AI.” The more important question is which companies possess the operational gravity, trust, and infrastructure-like characteristics necessary to remain essential as AI reshapes how work gets done.

Those are the software franchises most likely to continue compounding value through the next phase of the digital economy.

Download PDF

Disclaimer: Pitcairn Wealth Advisors LLC (“PWA”) is a registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Registration does not imply a certain level of skill or training. Additional information about PWA, including our registration status, fees, and services is available on the SEC’s website at www.adviserinfo.sec.gov. This material was prepared solely for informational, illustrative, and convenience purposes only and all users should be guided accordingly. All information, opinions, and estimates contained herein are given as of the date hereof and are subject to change without notice. PWA and its affiliates (jointly referred to as “Pitcairn”) do not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether referenced or incorporated herein, and takes no responsibility thereof. As Pitcairn does not provide legal services, all users are advised to seek the advice of independent legal and tax counsel prior to relying upon or acting upon any information contained herein. The performance numbers displayed to the user may have been adversely or favorably impacted by events and economic conditions that will not prevail in the future. Past investment performance is not indicative of future results. The indices discussed are unmanaged and do not incur management fees, transaction costs, or other expenses associated with investable products. It is not possible to invest directly in an index. Projections are based on models that assume normally distributed outcomes which may not reflect actual experience. Consistent with its obligation to obtain “best execution,” Pitcairn, in exercising its investment discretion over advisory or fiduciary assets in client accounts, may allocate orders for the purchase, sale, or exchange of securities for the account to such brokers and dealers for execution on such markets, at such prices, and at such commission rates as, in the good faith judgment of Pitcairn, will be in the best interest of the account, taking into consideration in the selection of such broker and dealer, not only the available prices and rates of brokerage commissions, but also other relevant factors (such as, without limitation, execution capabilities, products, research or services provided by such brokers or dealers which are expected to provide lawful and appropriate assistance to Pitcairn in the performance of its investment decision making responsibilities). This material should not be regarded as a complete analysis of the subjects discussed. This material is provided for information purposes only and is not an offer to sell or the solicitation of an offer to purchase an interest or any other security or financial instrument.

by Georgie King

Wealth Matters: Earth Day by Mutual Trust

The world is facing the twin challenges of energy security and sustainable generation. Global energy demand is projected to rise by around 50% by 2050, driven by population growth, industrialisation and electrification. While clean energy investment has surged, over US$1 trillion committed since 2020, traditional energy sources remain vital, with natural gas expected to grow as it replaces coal.

This article by Wigmore member firm, Mutual Trust, published in recognition of Earth Day 2025 under the theme “Our Power, Our Planet”, explores how strategic investment and innovation across the energy supply chain are shaping the future. It highlights opportunities for investors in companies transitioning to lower-emission solutions, businesses enabling the energy transition through critical minerals and storage technologies, and leaders pioneering new approaches to energy production.

From carbon capture initiatives by major oil and gas producers, to breakthroughs in thermal storage and solar technology, the piece underscores the importance of a diversified approach to energy investment. As the article notes, “Energy security is not just about keeping the lights on; it’s about ensuring economic stability and national security.”

Click below to read Mutual Trust’s article in full by downloading the PDF.

by Georgie King

Mutual Trust: Empowering women in funds management

We are witnessing a shift in the investment landscape, with women taking a more prominent role in wealth management. This change is driven by increased wealth creation through professional endeavours, such as entrepreneurship and leadership roles, along with enhanced financial literacy and intergenerational wealth transfers.

In Australia, of the $AUD 4.9 trillion expected to transfer across the generations during the next decade to 2034, more than 65% is estimated to transfer to Australian women through factors such as inheritance, divorce or separation, and longevity. This shift will result in women controlling more money than ever before.

Advisors must be equipped to understand and cater for each woman’s unique needs, while helping build their financial acumen and confidence. Studies suggest many women prefer holistic and strategic financial advice, appreciating the convenience and efficiency of having all their financial needs met in one place.

At Mutual Trust we also recognise that gender diversity within client advisory teams, particularly at leadership levels, is imperative – we are committed to building diverse teams that provide the best possible service to our clients.

This coincides with investment opportunities supporting gender equality and women-led funds increasingly being on the agenda. However, the funds management industry, both in Australia and internationally, has long been dominated by men. Despite the growing recognition of the benefits of gender diversity, women remain significantly underrepresented in this field.

In honour of International Women’s Day 2025, we recognise achievements made in the investment domain and highlight women portfolio managers, supported by Mutual Trust, who have successfully distinguished themselves in their respective asset classes – including healthcare property, science-backed start-ups and food and agriculture technologies. These women are inspirational role models for the next generation of aspiring fund managers.

Click below to read Mutual Trust’s article in full titled ‘Empowering women in funds management’.

by Georgie King

Pitcairn: Resolving the Rising Generation Paradox

As featured in Family Business Magazine on July 15, 2020.

In this published piece by Chief Knowledge & Learning Officer at Pitcairn, Amy Hart Clyne, readers will learn ways to reduce the tension between the Next Generation's desire to make a positive impact in society and their loyalty to their family’s wealth legacy.

With a proactive approach where members of different generations recognize their differences and find common ground, conversations around social good and family legacy can be a net-positive for families.

Click here to view the published article in full.

by Georgie King