Last Quarter at a Glance
Global equities were flat in June but logged exceptional returns in 2Q—the best performance in more than six years.
Credit/Fixed Income
Last Week at a Glance
Global equities pulled back last week, led by a rotation out of technology and AI-related stocks.
VantagePoint: Artificial Intelligence Investing After the First Wave
AI investing is moving into a more selective phase: capabilities and adoption continue to accelerate, fundamentals are starting to improve, and the obvious first-wave winners in hyperscalers and chips have already been widely recognized by markets. From here, the key investment questions are which bottlenecks will endure, whether revenue and earnings can outpace the capital intensity required to lead, and where lasting value can survive as AI becomes cheaper, more capable, and more ubiquitous.
Starmer’s Resignation as UK PM Sees Focus Shift to Burnham’s Fiscal Stance
Keir Starmer’s resignation formalises a political transition that had already been widely anticipated after Labour’s poor local election results and months of pressure on his leadership.
US Manager Universe Statistics: First Quarter 2026
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.
Last Month at a Glance
Global equities rose in May, boosted by artificial intelligence (AI) earnings momentum and hopes for an extension of the US-Iran ceasefire.
The Economy, Not Kevin Warsh, Will Drive Fed Policy
Kevin Warsh became chair of the Federal Reserve on May 15. His appointment is unlikely to drive a major near-term policy shift.
UK Political Turmoil Adds Noise, But Gilts Will Remain Driven By Broader Macro Forces
Large losses in last weekend’s local elections have increased pressure on Labour Party leader and Prime Minister Keir Starmer. Frustration was already building within the Labour Party over the lack of visible progress on key priorities, compounded by weak approval ratings.
VantagePoint: The Rearview Mirror Problem
The conditions that rewarded concentrated exposure to US growth and technology stocks for much of the past decade are becoming less dependable. With valuations stretched and macro and geopolitical risks less benign, investors may be better served by reducing crowded exposures and rebuilding diversification across a broader set of opportunities.
A New Era of Dispersion in Direct Lending Favors Disciplined Managers
Direct lending has attracted significant institutional capital over the past decade, but that environment is now changing. In a more challenging landscape, we expect performance dispersion to emerge more clearly between managers, reinforcing the importance of manager selection and taking a diversified approach across strategies, geographies, and borrower segments.