GMO’s liquid alternatives are hedge fund strategies (e.g., equity long-short, global macro, event-driven) managed with an emphasis on risk control and liquidity. The GMO Alternative Allocation Strategy (“ALTA”) is a liquid alternative solution combining several underlying strategies; ALTA is available in a mutual fund with daily liquidity.
Morningstar's study, Mind the Gap 2026 reveals a 1.2% return gap. Learn how financial advisors can use automation to protect client wealth.
On August 19, the US Treasury announced that it will at least double the size of its long-term bond buybacks, from $2 billion to $4 billion per operation, between September 9 and the November Quarterly Refunding. The announcement followed a rise in the 30-year Treasury yield to roughly 5.3% and is drawing attention to how the Treasury may respond if pressure at the long end persists.
Outdoor sports and exercise are more difficult at the height of summer. Runners slow their paces, and teams start their practices early to beat the heat. Competitors must marshal their energy carefully to perform at their best.
Leading asset managers T. Rowe Price announced the acquisition of $19 billion F/m Investments in a press release Thursday afternoon. The deal brings F/m’s suite of leading fixed income strategies and ETFs into T. Rowe Price’s fund stable, reinforcing those areas in the latter’s list.
For years, Russell index reconstitutions have been treated as a routine maintenance event. Thousands of stocks are ranked, memberships are adjusted, and markets move on
High-yield municipal bonds are one of the best performing asset classes this year but that doesn't mean we think all investors should consider adding them to their portfolio.
After recovering from the “tariff tantrum” that saw stocks of all sizes and styles bottoming out in early April of 2025, equities finished 2025 in admirable shape, carrying the positive momentum into 2026.
The headline U.S. unemployment rate has been falling for several months, but a closer look at who is leaving the workforce – and who isn’t entering or returning to it – reveals why average wages are stagnating, and why labor markets aren’t a source of inflationary pressure.
For many of the past several years, investor enthusiasm has been concentrated in a narrow group of AI-related and technology stocks. As liquidity conditions tighten and speculation begins to recede, broader market fundamentals are gaining importance.
Our job is to lead our investors to success in the “winding.” Most investors in US common stocks have found their way on the most spectacular gravy train in the history of common stock investing. This gravy train has been terrific for 17 years since the stock market bottomed in 2009.
There’s new life in the gold market, and that momentum could represent a buying opportunity for bullion-enthused investors seeking income. The NEOS Gold High Income ETF (IAUI) is ready to meet the moment.
The 2026 midterms could reshape control of Congress, raising the odds of divided government and near-term market volatility, but investors should stay focused on long-term goals.
It has been a stellar Q2 earnings season, but we aren’t done yet. After the big retailers this week, Jensen Huang and NVIDIA grab the spotlight on Wednesday, August 26. Then Kevin Warsh takes the podium on the 28th. Through it all, daily market swings hinge on the latest AI developments, along with consumer trends and what’s happening geopolitically.
Market leadership has broadened beyond mega-cap tech, but the next phase is likely to reward disciplined, diversified investors, write Chris Galipeau and Lukasz Kalwak of Franklin Templeton Institute.
Hedged equity as a liquid alternative uses an options-based equity strategy — specifically Swan Global Investments’ Defined Risk Strategy (DRS), in continuous operation since 1997 — as a permanent alternatives allocation that stays invested in the equity market while actively managing downside risk through LEAPS put options
U.S. equities were mostly higher last week, though gains were modest and trading was quiet. The S&P 500, an index of the largest U.S. companies, rose 0.4 per cent and closed on Thursday at a new record high.
Investor appetite for fixed income continues to expand, as evidenced by the latest weekly ETF inflows report from TD Securities. For the week ending August 14, 2026, U.S.-listed ETFs gathered $41.0 billion in total weekly net inflows, which included $13.2 billion into fixed income funds.
Global business activity is showing signs of stabilization, but beneath the surface, the world economy remains divided. Growth momentum has improved in several major developed economies, led by a stronger U.S. expansion and a tentative recovery in parts of Europe.
Margin of safety has nearly vanished from today’s market, as heavy AI debt, off-balance-sheet financing, and a stressed bond market leave stocks little room for error.
Anthropic’s preliminary second-quarter results reignited enthusiasm across the artificial intelligence sector, lifting semiconductor stocks 1% on Monday despite broader tech sector declines. Q2 revenue topped $11.5 billion — a 14x surge year-over-year and more than 2x last quarter’s figures.
FactSet finds core clients still favor cheap funds, while active ETF buyers pay a premium for performance, a trade-off advisors should watch.
Learn how RAFI fundamental indexing offers an alternative to market-cap weighting in this interview with Rob Arnott and TMX VettaFi.
GMO has posted a new 7-Year asset class forecast for July 31, 2026.
With the US fiscal year 2027 (FY27) state budget season now largely complete, several important trends have emerged. Most states and local governments adopted their budgets without major delays or political impasses, an encouraging sign for two important credit considerations: governance and financial management.
BDC bonds have recovered most of their underperformance while equities continue to lag, suggesting investors are demanding a higher risk premium to compensate for uncertainty around portfolio valuations.
Gold’s outlook has brightened considerably following its first-half correction. Spot prices have rebounded to flirt with $4,400 per ounce, supported by renewed central-bank buying, softer economic data, and diminished expectations for further Fed tightening.
Equity markets continued to push higher this week, with nearly all major indices in the U.S. and abroad closing near or at record highs. While longer-term interest rates continued to drift higher, shorter-term interest rates moved lower as investors pushed out both the timing and magnitude of potential Federal Reserve rate hikes.
The biggest political news of recent months is the rise of the Democratic Socialists of America. We suppose this started in New York City, with the election of Mayor Zohran Mamdani, but it has spread to Michigan and other states.
The market continues to impress, with the S&P 500 reaching another record high despite a surprisingly weak retail sales report. I had to look twice at the numbers because the weakness was broad, including the important control group, with the previous month also revised slightly lower.
Governments can print money, but they cannot print credibility. Once investors begin to question a country's fiscal trajectory, borrowing costs rise, confidence erodes, and policy choices become increasingly constrained. The age of cheap debt allowed many governments to overlook these limits. Today, they are becoming harder to escape.
Discounted municipal bonds could expose you to unexpected taxes. Here's what to know before you buy.
VettaFi today officially completed its acquisition of RAFI Indices, LLC from Research Affiliates Global Holdings, LLC. The deal was originally announced in June 2026. The transaction unites RAFI’s decades of deep, academically grounded intellectual property with VettaFi’s agile, modern indexing infrastructure.
Small-cap equities are winning out against their large-cap counterparts in a classic David versus Goliath ETF battle. After years of mega-cap technology dominance, small-cap equities have delivered investors a historic first half of 2026.
“Think Like An Investor” is chapter 1 of a 5-part series examining the narratives around “investing for the long run. Learning to think like an investor rather than a speculator is not a personality quirk or a matter of taste. It is the entire game, and the good news is that it is a skill you can actually build, starting today.
I’ve said it before, and I’ll say it again: it’s not the political party that matters, but the policies. Investors, I believe, are better served when they focus not on the partisan noise and headlines but the policies that bring about change.
There is no one-size-fits-all approach to choosing between individual bonds and bond funds. The choice depends on an investor’s goals, time horizon, risk tolerance, need for predictable income, and available assets.
Global equity markets continued their strong summer run this week, supported by what has been an exceptionally strong second-quarter earnings season.
For over two decades, US equities have been the global market leader, outperforming the Stoxx Europe 600 by an astonishing approximately 530%. While Europe’s recent comeback has narrowed the gap, the forces underpinning US leadership remain firmly intact. Below, we revisit the case for US versus European equities and reiterate why we maintain our preference for US equities.
The first step in recovery is recognizing a problem. For decades, some U.S. states have had problems with indebtedness. But as we take stock of state finances today, we see many examples of recovery.
This bargain-hunting environment sets up a stark divide for upcoming earnings. Walmart (WMT) remains uniquely positioned as its dominant grocery business continues to draw trade-down traffic from higher-income households, whereas Target (TGT) faces headwinds due to its heavier mix of discretionary home and apparel goods.
For savers, it drives them to seek bigger and bigger returns to keep up with the government’s monetary devaluation. At first, a simple savings account with a relatively low yield will do the trick. But as the dollar loses purchasing power, you need a better return to keep up. So, maybe you stick your money in a higher-interest-yielding CD.
Chris Galipeau discusses high-conviction insights that go beyond media headlines.
Today’s market does not represent today’s economy. The ratio of market value dependent on future economic activity versus present activity has never been higher. These companies have earnings now, but those earnings stem from investments in the future, not present consumption.
So let’s do the work the timeline skips, starting with separating what actually happened from what the narrative needs you to believe. Then we’ll ask the only question that pays: should any of it change how you’re positioned this morning?
We are in a debt trap. Our political process can’t reduce spending and/or raise taxes enough to balance the budget, so the debt grows and grows. This has to end, and I think it will do so in the event I’ve called The Great Reset.
Investors are remaining cautious about the markets, according to our U.S. stocks and economy report this month. Our report notes that while investors have continued to pile into the market via strong ETF flows and high margin debt balances, they've done so reluctantly with more subdued attitudes.
Recent trends are sending confusing signals about the health of the U.S. labor market. Since late 2025, the employment/population ratio has moved lower even as the unemployment rate has declined.
The softening inflation data for June and July was broadly supportive of our view that monetary policymakers should keep interest rates unchanged for the remainder of the year. Unfortunately, the picture is likely to become less favorable over the next several months, particularly if oil and gasoline prices continue to move higher. While lower gasoline prices contributed to the improvement in inflation during June and July, they do not tell the whole story.
Whether fixed income investors are focused on locking in yield, managing duration risk, or building resilient core portfolios, bond ETFs have been seeing elevated demand this year.
