Last Week at a Glance
Global equities advanced last week, while bond yields and the US dollar declined, following a sharp Friday rally.
Currency
Market Matters: July 31, 2025
Global equities advanced as lingering uncertainty over US trade policy eased.
Review of Market Performance: Fiscal Year 2025
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.
VantagePoint: What to Do About the US Dollar?
In this edition of VantagePoint, we examine the historical context of the dollar, outline why we believe the recent decline is likely part of a multi-year bear market, and discuss strategies investors can use to reduce their dollar exposure.
Market Matters: June 30, 2025
Global equities surged, closing the quarter at all-time highs.
Market Matters: May 31, 2025
Global equities rallied as trade negotiations between the United States and China progressed.
US Manager Universe Statistics: First Quarter 2025
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Market Matters: April 30, 2025
Global financial market volatility surged in April as investors priced in the potential impacts of so-called reciprocal tariffs revealed by the United States, which significantly raised import levies on virtually all trading partners.
Is Gold’s Rally Sustainable?
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.
US Policy Changes Highlight Need for Portfolio Diversification
After a prolonged period of US outperformance, many investment portfolios have become heavily concentrated in US equities, but recent policy shifts now challenge US economic and financial hegemony. Investors should carefully evaluate these exposures to determine if greater diversification is warranted.