Portfolio Insights

Timely commentary, strategic perspectives and in-depth analysis from our investment teams to help guide your portfolio decisions.

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Asset class views from our senior investors

Global Asset Allocation Views 2Q 2025

As U.S. growth is cooling, but not collapsing, we have trimmed overall risk in our portfolios. We are broadly neutral to modestly overweight equity; we overweight credit with reasonable conviction and mildly overweight duration.

Global Fixed Income Views 2Q 2025

We see Sub-Trend Growth as becoming more likely at 60%, and have lowered the probability of Above-Trend Growth to 10%. We raised the probability of a Recession to 20% while Crisis remains at 10%.

Global Equity Views 2Q 2025

The outlook for profits is cloudier, but we still expect modest growth this year. Many of our investors favor quality stocks in the financial and industrial sectors while avoiding high priced defensives.

Factor Views 2Q 2025

Factors delivered a strong first quarter, offering investors a diversifying source of returns as uncertainty rose about the outlook for equity market performance and economic growth.

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