Asset Allocation

The headline employment figure came in stronger than expected and better than feared following the weak ADP report, but the details were far from a blockbuster.

In the latest Alternative Allocations, with guest Brian Ullsperger from Andersen, Tony Davidow examines the traditional 60/40 portfolio and how it can be expanded to include alternatives to meet clients’ needs.

We upgrade equities to neutral from underweight as falling interest rates and improving economic conditions in emerging markets offset uncertainty over US tariff policies.

It was a positive quarter for emerging markets equities.

The earnings bar is fairly low for the second quarter, setting companies up for a potential easy jump—but there will likely be more focus on forward guidance.

As the second half gets underway, we think a modest overweight to risk assets is called for.

This year, so far, the world has been riddled with geopolitical news, resonating in widespread unrest, yet seemingly yielding less impact on financial markets.

Investors attempting to manage volatility in their portfolio often employ defensive equity strategies to define their optimal market exposure and risk profile. Such strategies are designed to help limit losses on the downside, while also allowing investors to participate in the market’s gains.

In this video, Chuck Carnevale, co-founder of FAST Graphs, reviews 13 stocks investors asked to see.

In last week’s letter, I referenced Torsten Sløk’s excellent midyear outlook for Apollo Global Management. Today I’ll share some longer quotes which will, I hope, help you visualize where the economy is headed.

Tariffs have been the dominant theme in economic policy this year. While President Trump has long held protectionist views, his administration’s approach to international commerce has been more belligerent than was seen in his first term.

The bull market is alive and well, even amid widespread talk of the “death of U.S. exceptionalism.

This quarter might best be described as the “Big Beautiful Bounce”. Or the BBB. History has proven time and time again that markets do come back – but this was a historically quick market turnaround.

After a tumultuous few months, June of 2025 saw a strong rally which took global markets to (or close to) new highs. The rally was broad-based, with international and U.S. markets all up strongly.

From investing to economics to politics, patterns emerge, lessons resurface and the past becomes a powerful guide for navigating today’s unpredictable landscape. Timing, perspective and adaptability can make all the difference in managing the complexities of modern markets.

As the global economy navigates a complex landscape, investors are left wondering: are they right to be optimistic or are they being complacent? This article from Franklin Templeton Institute explores the signs of resilience as well as numerous risks.

Do you feel like you spend more and more money every month but get less and less for it? That’s because you are.

Sharp U.S. policy shift and elevated uncertainty reflect an evolution of the new macro regime. What matters: getting a grip on uncertainty by identifying its core features.

The Senate has approved its own version of the "One Big Beautiful Bill" tax-and-spending plan. Here's how it differs from the version the House passed in May, and what's next.

Some say private credit hasn’t been tested. We disagree…and stress can sharpen the senses.

In this video, Chuck Carnevale, co-founder of FAST Graphs, aka Mr. Valuation discusses 10 subscriber-requested stocks that you asked to see, highlighting how FAST Graphs simplifies stock analysis. He reviews companies like AES Corporation, Amgen, Alibaba, and Chipotle, showing how FAST Graphs quickly reveals key data, such as earnings growth, dividend history, and valuation.

The first half of 2025 may not have been kind to private equity, but new data suggests that things could turn around soon.

Equity markets continued to march higher in June, seemingly unfazed by heightened Middle East tensions (which were short-lived) and the looming July 8 deadline for the administration’s pause on reciprocal tariffs.

We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.

On the latest edition of Market Week in Review, Global Chief Investment Strategist Paul Eitelman explored key drivers behind the strong performance in markets. He also provided an update on a proposed U.S. tax measure.

The US economy is important, but it’s not the only one in a global approach.

In recent months, markets have whipsawed amid changes in trade policy, geopolitical shocks, concerns about fiscal sustainability, challenges to central bank independence, technological advancements, and earnings surprises in both directions. Despite this, stocks and bonds in much of the world are close to where they began the year.

When the Fed increased the M2 money supply by over 40% during the COVID crisis, our instinct was that the implications would extend far beyond a temporary boost to the U.S. stock market and higher inflation. That intuition is proving accurate. We’re now seeing the long-term ripple effects play out in real time across multiple asset classes and global markets.

For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.

This year’s formidable challenges have clarified strategic lessons for equity investors to apply in the coming months

The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.

As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.

Markets notched fresh all-time highs on Friday with a positive tone and geopolitical outlook. Swift retreat in oil back to pre-strike levels, combined with friendlier NATO negotiations and de-escalated fighting in Iran restored risk appetite.

In a speculative market chasing AI and high beta, this report makes the case for the steady power of compounding dividends reminding investors that, especially late in the cycle, a bird in the hand may truly be worth two in the bush.

A potential conflict with Iran has consistently appeared in our monthly Market Risk Monitor for over two years. Now that risk has materialized. Our equity portfolio managers assess the implications for global markets.

With the market roughly at the midpoint for 2025, investors and advisors are still assessing how changing macroeconomic conditions could affect their fixed income portfolio.

In a recent newsletter, we explored the explosive growth of ETFs and the implications for portfolio construction. In this follow-up blog post, Lauren and I wanted to take that conversation a step further—diving deeper into how advisors can navigate the ever-expanding ETF universe while staying true to their investment philosophy.

Thematic investing has experienced cycles of popularity over time. In less cautious market environments, investors often turn their attention to ambitious ideas — such as disruptive technologies or other transformative future trends — looking beyond traditional equity ETFs.

This article will help you evaluate whether it’s still a good time for clients to gain Bitcoin exposure—even after its recent all-time high—and how to do so responsibly. You’ll learn how Bitcoin fits into a diversified portfolio, what leading financial institutions forecast for its future, and why spot Bitcoin ETFs offer a regulated, practical entry point for long-term investors.

The United States’ tariff announcement on April 2, 2025, created significant market volatility, as the tariffs were perceived as higher, broader, and more punitive than expected, and the implementation sooner.

Market uncertainty needs a tailor-made approach to fixed income for advisors to construct the ideal portfolio for their clients. There’s an easier solution that encompasses an active management approach, various income sources, and low cost. It’s the Vanguard Multi-Sector Income Bond ETF (VGMS).

For years, Americans have lamented that rising housing prices and elevated mortgage rates have made homeownership unaffordable for too many first-time homebuyers, while prompting many homeowners to stay put rather than sell.

Thematic ETFs are making a comeback, and one theme in particular dominates conversation. Artificial Intelligence remains top of mind for investors. TMX VettaFi’s Zeno Mercer and Todd Rosenbluth discussed the disruptive technology.

Until recently, commercial real estate appeared poised for a long-awaited rebound. However, 2025 has revealed a new reality: Uncertainty has become structural.

It’s often said there are only two certainties in life: death and taxes. However, the tax landscape may become somewhat murkier, as the recently passed U.S. House budget bill may potentially lead to some non-U.S. investors paying more taxes than previously anticipated.

As the advisory landscape continues to evolve, one theme is increasingly clear: advisors need more flexibility to meet the diverse and growing expectations of their clients.