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 2026

Investors are contemplating a wider range of potential macro outcomes and a fatter bearish left tail. We maintain a modest risk-on stance, including an equity overweight. In fixed income, we lean into shorter duration as yield curves steepen. Our credit positioning is neutral, reflecting the asymmetric distribution of returns.

Global Fixed Income Views 2Q 2026

Against the backdrop of a geopolitical and energy market shock, we significantly reduce the probability of economic expansion (still marginally our base case) and increase the likelihood of contraction. We see better risk-reward at the front end of the Treasury curve and find opportunity to go up in credit quality.

Global Equity Views 2Q 2026

Despite higher energy costs, the outlook for profits is robust. While earnings growth is broadening beyond tech leaders, the AI investment boom remains a dominant theme. High valuations in some areas temper our enthusiasm for aggressive positioning. We find the most compelling opportunities in out-of-favor quality stocks.

Factor Views 2Q 2026

Factors posted a largely positive Q1 despite market volatility. U.S. momentum led equity factor gains while commodity supply disruptions lifted certain factors. We maintain a positive outlook on factors: Equity value is attractive globally and the U.S. quality factor is inexpensive.

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