Last Week at a Glance
Global equities pulled back last week, led by a rotation out of technology and AI-related stocks.
Real Assets
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.
Circular Economy Models Can Improve Supply Chain Resilience
The circular economy is becoming an increasingly mission-critical business strategy in a more volatile world.
The Importance of Water Reliability Is Growing, as Is the Investment Opportunity
In many geographies, the availability of water is shifting from a ubiquitous input to a strategic economic resource, and markets may be underpricing the speed of that transition.
Physical Climate Risk Is Creating Opportunities in Adaptation and Resilience
Adaptation and resilience are becoming increasingly economic imperatives. The near-term warming trajectory is already largely set, and the consequences are arriving through higher insurance costs, supply chain disruption, agricultural volatility, and repeated infrastructure damage.
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.
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.
Last Quarter at a Glance
Global equities declined in first quarter as early gains reversed sharply in March following the outbreak of the Iran War and the associated energy shock.
Germany’s Fiscal Boost Remains a Tailwind Despite Near-Term Risks
German equities entered 2025 with strong momentum, supported in part by a sharp shift in Germany’s fiscal outlook. After years of underinvestment, the government announced materially higher spending on infrastructure and defense. However, that momentum faded through 2025 into 2026, and German equities stalled.