The Exposure Register

What it is
The Exposure Register is a standing register of geopolitical exposures, tracked by how they reach your balance sheet. It publishes weekly.

Who it serves
The same analysis is prepared for two audiences.

For portfolio managers: a standing list of the geopolitical exposures that could move positions or shut down operations they are exposed to — not one more macro newsletter.

For organisations: a standing register — like a corporate risk register, maintained weekly with dated evidence — organised by the mechanism that would hit operations, not by headline.

Excerpt

U.S.–China trade and technology policy remains an elevated exposure for organizations with material sensitivity to semiconductors, electronics manufacturing, industrial automation, critical-minerals inputs, or China-linked revenue and sourcing. The relevant question is not whether a single policy announcement determines an outcome. It is whether accumulated restrictions, implementation guidance, counterpart measures, and compliance uncertainty alter assumptions about supply continuity, market access, cost, capital planning, or the time available to adapt. 

For investors, the exposure may run through revenue concentration, input availability, margin resilience, and the range of plausible outcomes assigned to affected issuers. For enterprises, it may run through product classification, supplier tiers, licensing, inventory, customer commitments, and operating dependencies. 

The current state is Elevated—not Impaired or Disrupted. The policy environment warrants active review, but the evidence does not support a uniform conclusion across companies, portfolios, or operating models. The Register therefore identifies the exposure pathway, evidence, confidence, and observable conditions that would change the assessment. 

Disclosure: General informational analysis only; not individualized investment, legal, operational, or other professional advice.