Last Week at a Glance
Global risk assets rallied last week, driven by optimism over the conditional two-week ceasefire between the US and Iran.
Currency
Last Quarter at a Glance
Global equities declined in first quarter as early gains reversed sharply in March following the outbreak of the Iran war and the associated energy shock.
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.
Japanese Election Result Should Boost the Economy and Ultimately the Japanese Yen
Overall, we see the election outcome as positive for the Japanese economy and, by extension, the yen.
VantagePoint: Asian Equities Revisited
While Asia has demonstrated resilience to economic and geopolitical challenges, risks remain, and we expect economic growth and equity beta prospects to moderate as the region faces headwinds from slowing export growth and cooling consumption.
Have Tail Risks to the US Economy Increased?
Yes. The range of possible outcomes for the US economy has widened, with greater chances of both positive and negative tail events.
2026 Outlook: Portfolio-Wide Views
In 2026, investors should rebalance portfolios to embrace greater diversification, thoughtfully navigate opportunities in artificial intelligence, and prioritize investments across the electricity transmission value chain. With heightened equity risks and a weakening US dollar, a disciplined, multi-asset approach will help strengthen portfolio resilience and capture emerging growth themes.
Unlocking Innovation with Blockchain and Crypto Venture Capital Funds
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.