Last Week at a Glance
Global equities were little changed last week as investors weighed the initial terms of a new US-UK trade deal and cautious signals from central banks.
Credit/Fixed Income
Market Matters: April 30, 2025
Global financial market volatility surged in April as investors priced in the potential impacts of so-called reciprocal tariffs revealed by the United States, which significantly raised import levies on virtually all trading partners.
Asia Insights: Managing Risk Through Diversification
Asian and global market volatility surged in early 2025 as US tariffs triggered global growth fears. Given the export-oriented nature of most Asian economies and their sensitivity to global growth and demand, the region may bear the brunt of US tariffs. As such, Asia market volatility is likely to persist in the near term, particularly since US trade policy can shift abruptly.
Should Investors Add to High-Yielding Credit Allocations, Given the Recent Rise in Spreads?
No. We believe it is too early to add exposure to US high-yield bonds and broadly syndicated loans, as spreads for most assets are merely back to around their historical medians and could move higher from here if economic growth deteriorates.
VantagePoint: Strategic Portfolio Construction in a Changing World
In today’s dynamic environment, strategic thinking and flexibility are essential. This edition of VantagePoint revisits the core principles of best-in-class investment strategies, exploring how investors can allow wealth to compound by remaining disciplined, diversified, and focused on long-term opportunities while adapting to change.
Will the Fed Cut Rates to Rescue Financial Markets?
No, we do not think the Federal Reserve will cut rates in the near term to rescue financial markets. However, if tariffs begin to significantly impact the real economy, the Fed will eventually act.
Market Matters: March 31, 2025
Global equities declined, driven by a large sell-off in US stocks as investors digested the potential negative impact from new US import tariffs.
Market Matters: February 28, 2025
Global bonds rallied, outpacing equity markets as concerns mounted that a change in global trade dynamics would weigh on economic growth.
US Manager Universe Statistics: Fourth 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.
The Pension (Re)volution: How the Hybrid Approach is Reshaping Retirement Plans
Although no single strategy can address all challenges related to saving for retirement, adopting a hybrid approach represents a significant initial step toward improving retirement savings outcomes—for employers and employees alike.