Secondaries in Private Investment Portfolios: A Framework for Strategic Allocation

The secondary market has evolved from its origins as a niche solution for liquidity-constrained investors into a cornerstone of private investments (PI). Institutional adoption, innovation in transaction structures, and the expansion of private market assets have increased both its scale and its strategic relevance. Secondaries have provided institutional investors with more than liquidity: they have […]

October 2026

Is the Euro Area Heading for Another Sovereign Debt Crisis?

No. France’s fiscal and political problems do not appear to signal another euro area sovereign debt crisis. French assets have underperformed, but contagion remains limited. Improved finances in periphery economies, stronger bank balance sheets, and more credible policy backstops have reduced systemic risk. Investors should distinguish French fiscal risk from the regional outlook rather than […]

October 2026

Will the Recovery in European Earnings Continue?

Yes. Europe’s sector mix is better positioned for today’s environment than it was during the low-growth, low-rate, underinvestment regime of the prior decade. Higher interest rates and stronger public and private investment in defense, infrastructure, energy security, and electrification favor Europe’s exposure to financials, industrials, utilities, and technology hardware. As European earnings growth normalizes relative […]

October 2026

VantagePoint: The Iran War Fuels the Case for Portfolio Resilience

Geopolitical shocks often fade quickly in markets. The Iran War is testing that pattern. Alternative shipping routes, inventory drawdowns, additional supply outside the Middle East, and an earlier decline in Chinese imports have prevented an immediate energy collapse. These buffers have bought time, but the system has little room to absorb further disruption. Refined fuels […]

October 2026

Should Investors Act on the US Midterm Elections?

No. The November US midterm elections could affect regulatory, fiscal, foreign, and AI policy, but uncertain outcomes and market implications make election-driven trades a poor basis for investment decisions. In our view, investors are better served by maintaining resilient, diversified portfolios than by positioning for an anticipated election outcome. Prediction markets indicate that Democrats’ prospects […]

September 2026

Is a Sovereign Bond Market Riot Brewing?

No. Sovereign bond yields across developed markets are likely to stay higher for longer given the macro, monetary, and fiscal backdrop, but a sustained, disorderly rise in yields looks unlikely. Yields largely reflect economic fundamentals and monetary policy expectations rather than acute fiscal stress. We believe investors should retain core high-quality fixed income exposure but […]

September 2026

Should Investors Rethink the Role of Emerging Markets Equities in Their Portfolio?

Yes. Investors should reassess the role of emerging markets (EM) equities because benchmark concentration has reduced diversification benefits and increased exposure to the same artificial intelligence (AI)–driven forces leading developed markets. That does not weaken the case for EM. It changes it. Investors should be more deliberate about what role they want EM to play […]

September 2026

Has Quality Lost Its Edge?

No. The medium-term case for holding quality remains sound, backed by healthy fundamentals, reasonable relative valuations, and quality’s diversifying properties, even if the current cyclical environment is not yet fully supportive. Investors should maintain exposure to the quality factor within equities, and those that saw their allocations fall due to recent underperformance should consider rebuilding. […]

August 2026