No. The November US midterm elections could affect regulatory, fiscal, foreign, and AI policy, but uncertain outcomes and market implications make election-driven trades a poor basis for investment decisions. In our view, investors are better served by maintaining resilient, diversified portfolios than by positioning for an anticipated election outcome.
Stocks gained last week even as bonds sold off, boosted by sentiment around Agentic AI and hopes that diplomacy would ease energy market friction stemming from the Iran War.
Global equities advanced in August, gaining 2.3% as resilient activity data and earnings outweighed higher bond yields.
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.
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.
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.
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.
Global equities were flat in June but logged exceptional returns in 2Q—the best performance in more than six years.
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.
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.