Will the “Phase One” Trade Deal Bring More Stable Relations Between the United States and China?

Yes, in the near term, but longer term we expect trade, tech, and possibly finances to decouple further. The “Phase One” trade agreement provides a much-needed truce in the tariff escalation between the United States and China, as trade uncertainty has weighed on financial conditions and further slowed global trade. While some progress has been […]

January 2020

VantagePoint: Disruption, Demographics, and Decoupling

The start of a new year and a new decade is an opportune time to reflect on megatrends that will be consequential over the next ten years. In this edition of VantagePoint, we focus on three such trends and their investment implications: disruption, demographics, and decoupling.

January 2020

What Risks and Opportunities Are You Focused on as We Enter 2020?

We see opportunities to deploy capital in some niche areas of the investment landscape and reshape (or at least re-evaluate) some areas of the portfolio. Simultaneously, we are closely monitoring the lurch toward protectionist trade policies and their impact on global economic activity.

December 2019

With Trend-Following Funds Down Sharply This Fall, Should Investors Fish or Cut Bait?

Fish, but only if investors can accept very lumpy returns.

December 2019

A Summary of Climate Change Science for Investors

We are investors, not scientists; however, investors would be wise to consider climate science in their investment decision-making process.

December 2019

Liability-Hedging Strategies for US Plan Sponsors in the Low Interest Rate Era

While many plan sponsors have adapted to dramatic interest rate swings by strategically hedging their liability interest rate risk, some balk when interest rates are low. But failing to hedge long-duration liabilities with long-duration assets can expose sponsors to significant downside risk.

November 2019

Outlook 2020: Ten Investing Themes for the Coming Year

In 2019, returns were driven less by what went right than by what did not go wrong. We highlight ten themes for 2020, with a focus on key macro questions, emerging opportunities, and risks.

November 2019

Pension Schemes in Pursuit of Income, Growth, and Diversification

A universal approach to portfolio construction can help schemes achieve required return targets whilst adding additional upside from alpha generation; reduce risk through true diversification; and generate sufficient income to comfortably meet both planned and unplanned cashflow needs.

November 2019