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 2026

Against a backdrop of resilient growth and a fading energy shock, we reaffirm our positive view on risk assets. In equities we favor the U.S., Japan and emerging markets. We overweight U.S. high yield and are neutral on U.S. Treasuries. Given downside risks to growth in Europe, we are long European duration.

Global Fixed Income Views 3Q 2026

Against the backdrop of a resilient economy, we raise the probability of expansion and decrease the likelihood of contraction. As we focus on constructing portfolios with yield and carry, bank hybrid and contingent convertible bonds present some of the best risk-adjusted returns in markets.

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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