Last Quarter at a Glance
Global equities were flat in June but logged exceptional returns in 2Q—the best performance in more than six years.
Equities
Last Week at a Glance
Global equities pulled back last week, led by a rotation out of technology and AI-related stocks.
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.
Last Month at a Glance
Global equities rose in May, boosted by artificial intelligence (AI) earnings momentum and hopes for an extension of the US-Iran ceasefire.
Do Mega-IPOs From Companies Like SpaceX, OpenAI, and Anthropic Mark a Changing Relationship Between Public and Private Markets?
Yes. The expected mega-IPOs from SpaceX, OpenAI, and Anthropic will mark an important shift from private capital dominance toward broader public ownership, with implications for index composition, valuation, liquidity, and investor access to frontier technologies.
Has Artificial Intelligence Made Market Concentration Less Risky?
No. Artificial intelligence has changed the shape of market concentration more than its substance.
VantagePoint: The Rearview Mirror Problem
The conditions that rewarded concentrated exposure to US growth and technology stocks for much of the past decade are becoming less dependable. With valuations stretched and macro and geopolitical risks less benign, investors may be better served by reducing crowded exposures and rebuilding diversification across a broader set of opportunities.
Does the Iran War Change Our View That Equity Market Broadening Will Continue?
No. The Iran War does not alter our conviction that the broad equity rally that began in 2025 will continue.
Germany’s Fiscal Boost Remains a Tailwind Despite Near-Term Risks
German equities entered 2025 with strong momentum, supported in part by a sharp shift in Germany’s fiscal outlook. After years of underinvestment, the government announced materially higher spending on infrastructure and defense. However, that momentum faded through 2025 into 2026, and German equities stalled.
The Iran War: Impact on Energy, Inflation, and Markets
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.