Market Matters: December 31, 2022
Risk assets closed a tumultuous year on a positive note in fourth quarter.
Equities
2023 Outlook: Equities
We expect global earnings growth will be below average next year, as prior interest rate hikes increasingly bite. With this backdrop, we expect value equities will outperform, Chinese equity underperformance will correct, and Healthcare may present an overweight opportunity.
Market Matters: November 30, 2022
Asset markets broadly advanced in November. The global equity rally continued as surging Chinese shares helped broader emerging markets outpace developed peers.
US Manager Universe Statistics: Third Quarter 2022
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.
Solvency Beyond Relief: Unlocking the Full Potential of SFA Program Assets
The American Rescue Plan Act of 2021 included substantial relief funds for the most troubled US multiemployer pension plans through its Special Financial Assistance (SFA) program. This paper looks at how multiemployer plans have a unique opportunity to improve their solvency through 2051 and beyond by optimizing how they invest both SFA relief funds and their existing plan assets.
Market Matters: October 31, 2022
Risk assets rallied in October. Global equities recovered some of their steep third quarter losses, as developed markets topped emerging counterparts.
VantagePoint: Three Big Questions
In this edition of VantagePoint, we review three big questions that are central to the path of the markets: 1) Will the US Fed pivot away from aggressive tightening?; 2) Will China move away from its zero-COVID policy?; and 3) Will Europe successfully manage its transition away from Russian energy imports?
Will Brazil’s Presidential Election Undercut the Country’s Recent Strong Equity Performance?
No, we don’t think so. While there may be higher-than-typical market volatility around the run-off election on October 30, we expect economic issues will be the primary driver of Brazilian equities in the months that follow. On balance, we see these issues as neither overly positive nor negative and recommend that investors maintain Brazilian allocations in line with their policy.
Market Matters: September 30, 2022
Risk assets declined again in third quarter. Global equities recorded the worst three-quarter decline since the 2008–09 Global Financial Crisis.
Asia Insights: Playing Defense
Asian markets have had a difficult year, but while the current environment has been challenging for most investments, it has also created an opportunity for more defensive and diversifying strategies to add value. In this edition of Asia Insights, we focus on the case for Asia quality strategies within public equities; increased interest in India and Southeast Asia venture capital markets; private infrastructure and private credit as defensive strategies; and the value in Asia macro and equity long/short.