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 4Q 2025

Profits seem to be accelerating and 2026 looks solid. Many of our investors have become somewhat more cautious. We suggest diversifying from recent winners and focusing strongly on quality stocks, especially in the small cap space.

Factor Views 4Q 2025

Equity factors continued to diverge by region: U.S. equity value and quality were challenged by a speculative market tone, while international equity factors posted another strong quarter. Momentum and carry factors were all positive.

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