Democrats have regained control of both chambers of Congress by a wider margin than expected and secured key governorships. For long-term investors, an unexpected election outcome alone does not warrant changing portfolio positioning.
No. The November US midterm elections could affect regulatory, fiscal, foreign, and AI policy, but uncertain outcomes and market implications make election-driven trades a poor basis for investment decisions. In our view, investors are better served by maintaining resilient, diversified portfolios than by positioning for an anticipated election outcome.
No. The medium-term case for holding quality remains sound, backed by healthy fundamentals, reasonable relative valuations, and quality’s diversifying properties, even if the current cyclical environment is not yet fully supportive.
No. Gold has fallen roughly 25% from its recent peak to around $4,000 per troy ounce, but we still see further downside.
The war in Iran has triggered a historic disruption in the Strait of Hormuz, driving oil & gas prices higher and exposing vulnerable energy-importing regions. This shock is fueling concerns over higher inflation and rising bond yields, creating a volatile environment where commodities lead while global equities and traditional bond diversifiers underperform.
Within public equities, investors should modestly overweight global ex US equities, developed markets small-cap stocks, and Latin American equities in 2026, as these regions offer attractive valuations, improving growth prospects, and diversification benefits.
In 2026, a disciplined, diversified approach across hedge funds, real assets, and California Carbon Allowances can help investors navigate market uncertainty and capture emerging growth.
Blockchain and crypto-focused venture capital (BCVC) funds offer a compelling opportunity alongside traditional venture capital (VC) strategies. In this piece, we explore the market dynamics shaping cryptoassets, share our rationale for including BCVC in VC portfolios, and outline key considerations for integration into institutional portfolios.
Yes. In our view, developed markets ex US small-cap stocks are well positioned to continue outpacing their larger-cap counterparts due to three key factors: reduced sensitivity to global tariff changes, attractive relative valuations, and improving international economic fundamentals.
No, we don’t think so. For most investors, this is more likely a time to take profits on gold rather than initiate new allocations.