Portfolio Insights

We see Sub-Trend Growth as becoming more likely at 60%, and have lowered the probability of Above-Trend Growth to 10%. We raised the probability of a Recession to 20% while Crisis remains at 10%.

Discover the advantages of tax-smart SMA and intelligent tax technology in helping advisors tailor solutions to client’s tax needs.

We believe the current political and economic environment under the Trump Administration 2.0 presents opportunities for value investors, particularly in sectors aligned with reindustrialization and financial deregulation.

As U.S. growth is cooling, but not collapsing, we have trimmed overall risk in our portfolios. We are broadly neutral to modestly overweight equity; we overweight credit with reasonable conviction and mildly overweight duration.

Geopolitical risk is elevated but far from extreme. Still, political polarization has intensified and creates a more challenging environment. We favor bonds to protect portfolios from growth shocks and real assets to protect from inflationary risks.

Tax-loss harvesting and direct indexing can help mitigate tax liabilities and grow wealth, especially amid market volatility.

2025 looks like a good year for profits. Many of our investors favor adding to defensive and higher quality names while remaining cautious about AI stock valuations.