Insights

Triage Tax Planning in the US: Adapting to an Uncertain Tax Bill

The Build Back Better Act recently introduced in the US House of Representatives includes many tax provisions that would significantly impact US taxpayers. However, any major bill’s road from introduction to enactment is typically long, winding, and unpredictable. This note summarizes four tax planning–related questions we view as prime candidates for consideration by US families with substantial wealth, notwithstanding that uncertainty.

September 2021

Contagion Risk From China Evergrande Likely Low

Fears that a default by China Evergrande Group could trigger a financial crisis has led to some weakness in global equities in recent days, with the MSCI All Country World Index falling 3.5% from its peak. While Evergrande is likely to default and require a major restructuring, we view fears of a broader financial crisis as overblown.

September 2021

Are Secondaries Experiencing a Growth Spurt?

Yes. Secondaries, the “yang” to the “yin” of primaries and an investment strategy nearly as old, are growing, particularly GP-led secondaries.

September 2021

Catch My Drift? Active Managers’ Style Tends to Change Over Time

The style bias of actively managed growth and value equity portfolios is not typically static. In this paper, we highlight how the strength of active managers’ style signatures have moved between value and growth and propose a simple fundamental rationale for why this happens.

September 2021

ESG Challenges and Opportunities in Chinese Equities

Investor interest in China has grown over the years as China’s economy expanded and the market opened up to foreign capital. However, environmental, social and governance (ESG) issues remain a key concern for many investors.

September 2021

Case Study: Building an investment strategy to better serve multiple generations

The Whitlock family wealth came from the sale of legacy real estate holdings. In the seven years following the initial liquidity event, the wealth was managed by two investment banks. The family’s portfolio was made up of multiple trusts of different sizes, invested mostly in US stocks, ETFs, Treasuries, and municipal bonds. The investments in […]

August 2021

Can Value Stocks Continue to Outperform the Broad Market?

Yes, we believe value stocks can resume their leadership relative to the broad market over the next six to 12 months, provided we are correct in our assessment that the economic impact of COVID-19 Delta variant will be limited in major developed markets and China.

August 2021

Does the ECB Strategy Review Represent an Overhaul of Euro Area Monetary Policy?

The results of the strategy review were more about clarifying and making explicit how European Central Bank (ECB) policy is currently run, rather than signalling a radical departure for monetary policy in the single currency bloc.

August 2021