Last Month at a Glance
Renewed concerns about AI spending and rising oil prices weighed on global equities.
Currency
Last Week at a Glance
Global equities fell as concerns about AI spending, higher oil prices, and French political uncertainty rattled markets.
Last Quarter at a Glance
Q3 ended on a weak note as rising bond yields weighed on asset class returns in September.
US Manager Universe Statistics: Second Quarter 2026
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.
Review of Market Performance: Fiscal Year 2026
The commodity supply shock mildly slowed global growth, though the effects varied by region. Even so, global equities posted another strong fiscal year across a broad set of markets. The US dollar appreciated modestly, with the United States remaining relatively insulated from developments in the Middle East. Bond returns lagged as inflation pressures resurfaced, while real assets performed strongly as the supply shock intensified and demand tied to AI buildout continued to strengthen.
Should Investors Continue to Underweight the US Dollar Relative to Other Major Currencies?
Yes. We continue to expect the US dollar to weaken relative to other major currencies over the next several years.
US Manager Universe Statistics: First Quarter 2026
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.
Does the Iran War Change Our View on the US Dollar?
No, we continue to believe the US dollar faces meaningful downside risks over the next few years and recommend that investors remain underweight the dollar in portfolios.
US Manager Universe Statistics: Fourth 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.
Review of Market Performance: Calendar Year 2025
Global economic growth hovered near trend in 2025. The dollar weakened sharply, while global equities and commodities posted strong gains. Bond returns improved as rates and credit spreads eased.