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 3Q 2025

The U.S. economy remains resilient. Our portfolios are modestly long risk, focusing on credit and targeted equity overweights. We prefer ex-U.S. duration and anticipate further dollar weakness in the second half of the year.

Global Fixed income views 3Q 2025

Amid strong corporate balance sheets and global fiscal expansion, the U.S. is likely to avoid recession, although growth may slow. We approve Federal Reserve policymakers’ pause, given current uncertainties. We favor non-U.S. exposures, emerging market debt, AT1 securities and securitized credit.

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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