Review of Market Performance: Calendar Year 2024
Most risk assets enjoyed strong returns in the calendar year (CY) ended December 31, 2024. US equities led on better-than-expected economic data and AI-related growth.
Real Assets
Market Matters: January 31, 2025
Global equities advanced in January as cooling inflation and US tariff delays catalyzed a risk rally in the second half of the month.
Do US President Trump’s Initial Policy Decisions Put Energy Transition Investments at Fundamental Risk?
No, we believe the long-term investment thesis on the energy transition remains intact.
Market Matters: December 31, 2024
Global equities advanced in Q4 as performance diverged among regions.
2025 Outlook: Real Assets
We expect public infrastructure equities to perform similarly to developed market equities in 2025, propelled by supportive regulations for energy transition and strong demand for power infrastructure to fuel AI. While we believe US REITs should underperform US equities, US private real estate funds raised in 2025 should generate above-average returns, benefiting from distressed deals and solid fundamentals.
Market Matters: November 30, 2024
Global equities advanced as performance diverged among regions. US stocks surged to new all-time highs, whereas developed markets (DM) ex US peers lagged, and emerging markets (EM) shares declined.
US Manager Universe Statistics: Third 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.
VantagePoint: Deconstructing US Debt Dynamics
Despite alarming headlines about rising US debt, investors should resist making drastic portfolio changes. While an immediate crisis appears unlikely, the risk could increase if the United States fails to manage its debt effectively. Therefore, reviewing potential portfolio adjustments at the margin that might enhance future returns is prudent.
Private Infrastructure: Secular Themes Offer Compelling Opportunities
This note provides an update on the current opportunity set in infrastructure investments and highlights some of our preferred areas in the private space, including energy transition and digital infrastructure.
Market Matters: October 31, 2024
Global equities and fixed income declined in October as rising bond yields weighed on performance across a broad swath of asset classes.