Investors should overweight global ex US equities in 2026 by Thomas O’Mahony Global ex US equities have outperformed US equities by 4.4 percentage points (ppts) in local currency terms so far in 2025 and by 11.2 ppts in USD terms. We believe that conditions are in place to see that outperformance trend continue in 2026 […]
December 2025
Investors should revisit private portfolio exposures amid a morphing market in 2026 by Andrea Auerbach While the last year has been one of recovery for the private markets, the aftershocks of the 2021 era continue to reverberate, with both the distribution drought and concomitant fundraising slowdown expected to extend their four-year runs into 2026. We […]
December 2025
Investors should lean into hedge funds in 2026 by Sean Duffin Hedge funds remain a vital part of diversified portfolios, and building resilience requires a thoughtful mix of strategies. In today’s environment—marked by elevated dispersion, low correlations, and ongoing policy uncertainty—equity long/short (ELS) managers are especially well positioned. Advances in AI and persistent tariff-related disruptions […]
December 2025
Blockchain and crypto-focused venture capital (BCVC) funds offer a compelling opportunity alongside traditional venture capital (VC) strategies. While some investors question the merits of blockchain technology and may overlook these funds, this could mean missing out on exposure to managers and innovations with the potential to transform industries and deliver outperformance. However, investors should expect […]
November 2025
No, the recent bankruptcies of First Brands Group and Tricolor do not signal systemic problems in private credit. Both cases are idiosyncratic, driven by fraud and unique business practices rather than broad market weakness. Importantly, the impact was felt across both private and traditional credit markets, not just private credit. Fundamentals in private credit remain […]
November 2025
Artificial intelligence (AI) is not just transforming business models and economic growth—it is contributing to a step change in global electricity demand, with far-reaching effects on energy markets, utility infrastructure, and investment portfolios. This shift is creating both acute challenges and compelling opportunities. Grid reliability, infrastructure bottlenecks, and decarbonization pressures are intensifying, while the scale […]
November 2025
Global markets rallied on October 26 following news that the United States and China have reached a “preliminary consensus” on several key issues. This development sets the stage for Presidents Trump and Xi to meet on October 30 in Korea, on the sidelines of the APEC leaders’ summit. Although a formal agreement has not yet […]
October 2025
Long-dated government bonds have come under pressure in recent months, at least on a relative basis. Sections of the financial media have interpreted this as evidence of an impending fiscal crisis and a resurgence of so-called bond market vigilantes seeking to impose fiscal discipline on governments. In this research note, we aim to separate signal […]
October 2025