Last Month at a Glance
Global equities advanced in August, gaining 2.3% as resilient activity data and earnings outweighed higher bond yields.
Equities
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.
Should Investors Rethink the Role of Emerging Markets Equities in Their Portfolio?
Yes. Investors should reassess the role of emerging markets equities because benchmark concentration has reduced diversification benefits and increased exposure to the same artificial intelligence–driven forces leading developed markets.
Last Week at a Glance
Global markets were relatively muted last week, as falling oil prices and positive AI-related earnings results boosted sentiment, although a hawkish speech by Fed Chairman Warsh weighed on markets on Friday.
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.
Has Quality Lost Its Edge?
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.
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.
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.
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.