US President Donald Trump signed an executive order on August 7 directing the Department of Labor and SEC to issue guidance on the inclusion of private market assets in 401(k) plans, marking a pivotal step toward unlocking a major new source of demand for private assets and substantially accelerating the democratization of the asset class.
This piece outlines the expected impacts, key questions for decision makers, and analysis supporting a disciplined spending approach in response to the new US tax bill that will have a financial impact on all healthcare systems and may require funds to be pulled from systems’ long-term investment pools.
Yes, the period of greatest tariff uncertainty for global equity investors is likely behind us.
US tariffs added to market volatility in the fiscal year ended June 30, 2025. Nevertheless, most risk assets ended the year higher, supported by strong earnings ahead of tariff uncertainty and the prospect of continued central bank policy easing to support growth.
Yes. We believe Latin America will benefit from today’s shifting market dynamics, supporting its outperformance over broader emerging markets stocks.
The first paper in the series introduces the current state of AI as a technology, compares its evolution to prior technological shifts, and briefly outlines future potential trajectories. Part 2 explores how AI may reshape productivity, and the market’s reaction in investment terms. Part 3 addresses the extensive implications for asset allocation and provides guidance on how investors can position themselves for the various disruptive forces that may be unleashed.
This first paper in the series introduces the current state of AI as a technology, compares its evolution to prior technological shifts, and briefly outlines future potential trajectories.
As the second piece in a three-part series, we examine how AI may support productivity growth and how capital is being deployed to realize its potential.
In this piece, we explore AI’s transformative potential for asset allocation opportunities and risks, as well as key implementation considerations and challenges.
Yes, we believe a combination of attractive valuations, a shifting macro and policy environment, and stretched US profitability will allow non-US equities to continue outperforming.