Planning for the US Presidential Election

Do investors stand to gain more from a Trump victory or a Biden win in November’s US general election? Presidents often have a mix of market-friendly and market-unfriendly policies. Mitigating factors, such as a divided government, can offset market concerns or enthusiasm relating to one specific candidate’s policies. Investors should not tweak portfolios based on election prognostication.

September 2020

Do Opportunities Remain for Investors After the Broad Market Recovery?

While investors should consider making tactical changes because of valuation differentials exacerbated by the COVID-19 pandemic, they should size them appropriately given elevated uncertainty.

September 2020

VantagePoint: Investment Opportunities Six Months Into the Pandemic

Economic, market, and healthcare circumstances have been extraordinary over the last six months. However, attractive opportunities exist in some pockets of tech, relatively cheap public equities, and even in credit less supported by central bank activity. Additionally, the importance of investing in social equity has been brought into sharp relief by this crisis.

September 2020

EU Crosses Rubicon With Recovery Fund Agreement

On July 21, EU leaders reached agreement on a €750B COVID-19 recovery fund, composed of grants and loans, and settled on a €1.074T budget for the next seven-year period.

July 2020

Will Virus-Linked Risks Overwhelm Small-Cap Equities?

No, we’re optimistic about this diverse collection of companies, and we think investors without dedicated allocations should establish toe-hold positions in developed markets (DM) small-cap equities funded from DM mid- to large-cap peers.

July 2020

Improving Investment Returns: Manager Sizing With Active Risk

By considering the return profile of a manager along with its size in the portfolio, active risk provides additional insight to risk management decisions, helps build better portfolios, and contributes to better governance.

July 2020

Room to Run for Muni Bonds

In this paper, we aim to assess the potential upside and looming risks for munis in the aftermath of the pandemic-induced muni sell-off and subsequent policy-driven rally. Despite the recent volatility, in our view, munis continue to be an attractive alternative to both Treasuries and high-quality corporates for long-term taxable investors.

June 2020

Have Global Equities Bottomed?

Investors should maintain a healthy degree of skepticism about the ability of the global economy and risky assets to manage a V-shaped recovery.

June 2020