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 1Q 2026

We anticipate modestly above-trend growth in 2026 and take a pro-risk tilt in portfolios. We remain overweight equity in the U.S., Japan, and parts of the emerging markets. On duration our stance is neutral, but with a steepening bias. We underweight USD.

Global Fixed Income Views 1Q 2026

As the global economy ends the year stronger than expected, we anticipate stable growth and moderating inflation will support bond markets. Amid some labor market concerns, the consumer overall remains stable and fiscal stimulus is expected. We have increased the probability of Above Trend Growth to 40%, reflecting numerous signs of strength. Our preferences include carry-oriented investment grade, leveraged and convertible credit; emerging market bonds and securitized debt.

Global Equity Views 3Q 2025

We expect solid profit growth this year and some acceleration into 2026. Our investors are more enthusiastic about markets in Europe and Asia than in the U.S. and broadly favor quality financial and health care stocks.

Factor Views 3Q 2025

Factors fell slightly in a quarter of policy whiplash. Regions diverged: International equity factors gained while U.S. equity factors fell. Equity value is becoming more attractive globally, and we like relative value-oriented macro factors.

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