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VantagePoint: Strategic Portfolio Construction in a Changing World

The complexities of ever-changing markets present both challenges and opportunities for compounding wealth over time. Amid significant market volatility, investors should stay focused on sticking with their long-term strategy while looking for opportunities as they evolve. Shifting geopolitical alignments, the prospect of persistently high tariffs, rising sovereign debt in developed markets, and the end of […]

April 2025

Tariff Standoff Intensifies Near-Term Risks in Asia

Global equities tumbled nearly 8% last week following the announcement of US tariffs on April 2, with the rout continuing into Monday, April 7. Key Asian markets have declined 3%–13% on Monday, partly reflecting the delayed reaction from markets that were closed on Friday, while US and European markets experienced wild swings after opening sharply […]

April 2025

Should Investors Underweight Equities in Light of Recent Market Volatility?

No, investors should hold equity allocations in line with their policy portfolio weights. Trade policy uncertainty has forced many investors to reassess the trajectory of global economic growth, sending ripples through markets, and prompting US equities to enter a “correction” on March 13. Still, there are strong arguments for holding equity allocations steady. For instance, […]

March 2025

Are Indian Equities an Attractive Overweight After the Recent Sell-Off?

No, we do not think so. India’s economic growth is set to continue moderating, which may lead to further downgrades to stretched earnings growth expectations. Current equity valuations remain elevated, which poses additional downside risk. Still, the recent correction has taken some froth out of the market, and India’s longer-term structural tailwinds remain intact. As […]

March 2025

Are US Equities Set to Repeat the Dot-Com Bust of the Early 2000s?

No, we don’t think so. There are parallels between today’s AI-related developments and the internet revolution of the late 1990s and early 2000s, as both eras involve profound technological change. Market concentration, increased capital investments, and valuation risks are among those parallels. However, the quality of companies today is higher and speculative excesses are less […]

February 2025

2025 Outlook: Public Equities

We expect developed markets (DM) value and small-cap equities to outperform, given our economic views and their steep valuation discounts. Regionally, we believe US equity performance will not match the level set in 2024, allowing European, Japanese, and emerging markets (EM) equities to perform more in line with broader developed markets. Within emerging markets, strong […]

December 2024

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