Has the Euro Area’s Economy Bottomed?
Yes, we believe that the euro area’s economy bottomed either in fourth quarter 2023 or first quarter 2024.
Equities
Market Matters: March 31, 2024
Equity markets posted strong returns in Q1.
Decades of Data: United States 1900–2023
The 2023 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.
Better Alternative(s): Private Investments May Improve Outcomes for Defined Contribution Plan Participants
Today’s defined contribution plan participants desire—and deserve—institutional-quality investment management, including the diverse selection, robust due diligence, and potential returns that this classification implies.
Can US Equity Dominance Be Sustained?
No, we anticipate performance will broaden out beyond mega-cap tech stocks, which have driven US equity performance in recent years.
Market Matters: February 29, 2024
Equity markets continued climbing in February.
2024 New Zealand Outlook: A Slow Road Ahead
Our outlook for New Zealand is mixed in 2024. We expect economic growth and equity market to remain muted. In contrast, we remain positive on New Zealand government bonds.
VantagePoint: Can US Equity Dominance Be Sustained?
In this edition of VantagePoint, we review the drivers of US outperformance in the context of historical expansions, consider what markets are pricing in, and if stronger fundamentals for US equities justify higher valuations.
Are Emerging Markets Equities Finally Set to Outperform, Given Expectations for Federal Reserve Rate Cuts This Year?
No. Although emerging markets stocks typically outperform after the onset of Federal Reserve easing, we suspect this episode will be different.
US Manager Universe Statistics: Fourth Quarter 2023
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.