Market Matters: January 31, 2024
Equity markets continued to climb in January, led by developed markets equities, where Japan and Europe ex UK outperformed.
Credit/Fixed Income
Review of Market Performance: Calendar Year 2023
Risk assets enjoyed mostly positive returns in CY 2023. Developed markets equities led as fears over the severity of a possible recession moderated and inflation declined.
A Changed Investment Landscape Is Providing Greater Opportunity for US Corporate Pensions
Plan sponsors are strategizing for growth and managing risk in a significantly different investment environment. To accomplish their goals, it is imperative that these changes be taken into consideration. By taking a fresh look at their investment strategies and plan management, organizations have an opportunity to adapt, evolve, and reap significant benefits.
Market Matters: December 31, 2023
Risk assets soared in Q4, sending calendar-year returns for several asset classes to multiyear highs.
US Manager Universe Statistics: Third 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.
2024 Outlook: Interest Rates
We expect that most major central banks will cut policy rates modestly due to our view that inflation rates will continue to decline. The modest cuts will shift policy rates from restrictive levels closer to neutral levels, which are neither restrictive nor accommodative. Given this view and our view that economic activity will weaken, we see opportunity in US long Treasury securities.
2024 Outlook: Credit
We expect direct lending and European opportunistic private credit funds will outperform their long-term averages because of high asset yields and the pull back in credit availability among traditional lenders. We like structured credits, particularly high-quality collateralized loan obligation debt, and we expect high-yield bonds will outperform leveraged loans. But we remain neutral on high yield because spreads are compressed.
Market Matters: November 30, 2023
Global equities enjoyed a blockbuster month, up 8%, led by the United States.
Market Matters: October 31, 2023
Risk assets broadly declined in October.
US Manager Universe Statistics: Second 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.