A Conversation with Jonathan Paterson

As capital reallocates globally, how are different investor cohorts repositioning and where are you seeing conviction versus tactical exposure? This month Harbor Access' founder, Jonathan Paterson gives us the view from the Street on where capital is moving and why.

• Institutional (Long-Only, Pension, Sovereign): Active management is back! Long-only managers are diversifying away from overpriced materials investments and the classic flight to quality of gold. At the same time, AI investments are gaining traction, and the data center play of last year continues to build momentum despite recent headlines around Big Tech taking on record debt to fund data center buildouts. Conviction appears selective, with capital flowing toward scalable, infrastructure-backed themes rather than broad beta exposure.

• Hedge Funds (Event-Driven, Long/Short, Macro): Hedge funds have moved down the market cap scale, searching for diamonds in the rough. Gold miners close to production, oil and gas exploration, and selective AI and data center exposure are key areas of focus. The positioning feels tactical, targeting catalyst-driven opportunities rather than long-duration allocation shifts with dispersion and volatility viewed as opportunity.

• High Net Worth / Family Offices: Family offices are looking further afield and, in many cases, swinging for the fences. Defense contracts, technology, oil and gas, and early-stage critical minerals are all in play for these more speculative allocators. The time horizon may be longer, but risk appetite is elevated, with a clear preference for asymmetric return potential over defensive positioning.