Market Matters: December 31, 2024
Global equities advanced in Q4 as performance diverged among regions.
Equities
2025 Outlook: Public Equities
We expect developed markets value and small-cap equities to outperform, given our economic views and their steep valuation discounts. Regionally, we believe US equity performance will not match the level set in 2024, allowing European, Japanese, and emerging markets equities to perform more in line with broader developed markets. Within emerging markets, strong Indian equity gains should moderate, while we doubt Chinese equities will collapse. At the same time, we expect long/short equity strategies will perform better than typical.
Market Matters: November 30, 2024
Global equities advanced as performance diverged among regions. US stocks surged to new all-time highs, whereas developed markets (DM) ex US peers lagged, and emerging markets (EM) shares declined.
US Manager Universe Statistics: Third Quarter 2024
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.
VantagePoint: Deconstructing US Debt Dynamics
Despite alarming headlines about rising US debt, investors should resist making drastic portfolio changes. While an immediate crisis appears unlikely, the risk could increase if the United States fails to manage its debt effectively. Therefore, reviewing potential portfolio adjustments at the margin that might enhance future returns is prudent.
Should Investors Alter Portfolios After US President Trump’s Re-election?
No, not at this time. While the Trump administration’s policies will impact markets, we expect other factors will be larger drivers of long-term investment performance.
Market Matters: October 31, 2024
Global equities and fixed income declined in October as rising bond yields weighed on performance across a broad swath of asset classes.
Will Japanese Equities Outperform Global Equities in US Dollars?
No, we do not expect Japanese mid-/large-cap equities to outperform their global peers despite some supportive factors, such as Tokyo Stock Exchange (TSE) reforms and inflows from security investment schemes.
Market Matters: September 30, 2024
Global equities advanced in Q3. Monetary easing by several major central banks and a weaker economic outlook led to a rotation favoring value over growth strategies.
Asia Insights: Seeking Stable Returns
With the global economy showing signs of cooling and Chinese economic momentum remaining weak, the outlook for Asian markets is increasingly mixed.