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Adam Berger
CFA
Multi-Asset Strategist
Boston
Adam helps lead our team of investment strategists globally. This team’s objective is to help our clients seek better investment outcomes by providing them with portfolio analysis, research, and tailored advice. Adam also invests as the portfolio manager for bespoke multi-manager investment solutions. As a strategist, he develops research on capital market and multi-asset themes, advises clients and prospects on a range of investment policy issues, and implements investment solutions for clients.

Insights By Adam Berger

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486463910
Asset allocation Fixed income Alternatives iStrat Macro hedge funds Credit Diversification Macro and market Top of Mind Article
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Time for a new playbook on bonds

Is it time to add to fixed income allocations? Multi-Asset Strategist Adam Berger and Fixed Income Strategist Amar Reganti offer their views, as well as thoughts on specific areas of opportunity.

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Adam Berger, CFA

Amar Reganti

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Article
2024-05-31
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486463910
Active management Macro and market Asset allocation Fundamental equity EM equity Equity Emerging markets Top of Mind Article
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EM equities: Can they prove the doubters wrong?

Multi-Asset Strategist Adam Berger offers six reasons that EM equity performance could be much more compelling in the decade ahead, from attractive valuations to economic tailwinds to mean reversion in the US dollar.

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Adam Berger, CFA

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Article
2024-05-31
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Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.
Active management Manager selection Equity Volatility iStrat Quick Take
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Win by losing? The surprising truth about long-term active management

Research shows that even the best managers have had to bounce back from periods of underperformance. For asset owners who've invested time and effort to find these managers, the data argues for cultivating a long-term mindset.

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Quick Take
2024-04-30
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486463910
Asset allocation Liquidity Multi-asset iStrat Top of Mind Article
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The churning tides of portfolio liquidity: How to avoid being left high and dry

Markets have sent asset owners some strong reminders of the need to think about liquidity risk across a portfolio and to plan for uncertainty. To help, Multi-Asset Strategist Adam Berger proposes a framework based on the intended uses and sources of liquidity.

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Adam Berger, CFA

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Article
2024-02-29
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EM equity Portfolio construction Manager selection Emerging markets China Whitepaper
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EM evolution: New paths in equity portfolio construction

Multi-Asset Strategist Adam Berger offers a framework for structuring EM equity portfolios, with a focus on "EM 3.0" — differentiated active strategies that have less reference to cap-weighted benchmarks and may be more diversifying in a portfolio.

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Whitepaper
2024-01-31
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486463910
Asset allocation Private investing Volatility Private equity Alternatives Top of Mind iStrat Article
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The denominator effect: Thoughts on the rise in private equity allocations

The sharp drop in public markets has left many asset owners with above-target exposure to private assets, raising a number of governance questions. Multi-Asset Strategist Adam Berger considers the likely responses and their potential pros and cons.

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Adam Berger, CFA

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Article
2024-02-29
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Asset allocation Thematic exposure Portfolio construction iStrat Multi-asset Whitepaper
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Adding thematic equity investments to a multi-asset portfolio: An allocator’s handbook

Thematic investing may add a powerful return engine to portfolios, but allocators sometimes struggle with implementation decisions. Members of our Investment Strategy Team offer a framework for thinking about allocation size, strategy selection, and performance evaluation.

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Whitepaper
2024-01-31
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Value vs growth Equity Macro and market Asset allocation Top of Mind Quick Take
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Pivoting from innovation and growth to stability and value

In a more volatile world, stability may take priority over innovation, and that, explains Multi-Asset Strategist Adam Berger, would tend to favor value stocks over growth stocks.

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By

Adam Berger, CFA

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Quick Take
2023-12-31
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Alternative Investment Outlook — 2023
Alternatives Private investing Outlook No Optimizely Macro and market Private equity Private debt Collection
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2023 Alternative Investment Outlook

Members of our iStrat and private investment teams share their views on opportunities in hedge funds, private equity, and private credit, as well as the ESG landscape for private companies.

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Collection
2023-12-31
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2023 Alternative Investment Outlook
Asset allocation Hedge funds Private investing Outlook No Optimizely Macro and market Alternatives iStrat Private equity Article
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Opportunity in disguise: Why bad news may be good for alternatives in 2023

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how alternative investments may help allocators make tailwinds out of macro and market headwinds in the year ahead.

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Nick Samouilhan, PhD, CFA, FRM

Adam Berger, CFA

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Article
2023-12-31
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486463910
Active management Portfolio strategy Asset allocation iStrat Top of Mind Inflation Value vs growth Volatility Innovation Interest rates Multi-asset Article
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Pivot points: Five portfolio positioning ideas for the new market regime

Multi-Asset Strategist Adam Berger looks at five ways in which the world may be very different in the coming decade and how they could influence the next wave of investment winners.

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Adam Berger, CFA

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Article
2023-12-31
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Portfolio strategy Outlook Asset allocation No Optimizely Macro and market Multi-asset Collection
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2023 Investment Strategy Outlook

To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group.

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Collection
2023-12-31
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2023 Investment Strategy Outlook
Thematic exposure Asset allocation Equity Outlook No Optimizely Economic cycle iStrat Article
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Thematic investing: Long-term thinking for a short-term world

With economic conditions expected to remain volatile in the coming year, members of our Investment Strategy team suggest that thematic allocations may help reduce the importance of the cycle to portfolio returns.

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Article
2023-12-31
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486463910
Macro and market China Geopolitical Top of Mind COVID Portfolio strategy Multi-asset Equity Article
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Has China’s investment landscape permanently shifted?
Multi-Asset Strategist Adam Berger and Macro Strategist Santiago Millán consider key policy-related questions hanging over the Chinese market and share some near- and long-term investment views.
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Adam Berger, CFA

Santiago Millán, CFA

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Article
2023-08-31
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486463910
Top of Mind Inflation Commodities Asset allocation Energy Article
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Is the commodities rally built to last?
Commodities were the only major asset class that performed well in the first half of 2022. Multi-Asset Strategist Adam Berger and Commodities Portfolio Manager David Chang consider whether there’s more upside from here.
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Adam Berger, CFA

David Chang, CFA

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Article
2023-08-31
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486463910
Top of Mind Inflation Asset allocation Monetary policy Multi-asset USA Article
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Will the Fed send the US economy into a recession?
Multi-Asset Strategist Adam Berger and US Macro Strategist Juhi Dhawan consider the broad impact of Fed rate hikes and how asset allocators should respond.
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Adam Berger, CFA

Juhi Dhawan, PhD

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Article
2023-07-31
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Asset allocation Alternatives Hedge funds Alternatives investing Article
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Recalibrating alternative allocations for a new market reality
As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategists Cara Lafond and Adam Berger explain how alternative investments could potentially play a role in improving portfolio resilience and returns.
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Cara Lafond, CFA

Adam Berger, CFA

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Article
2023-08-31
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Outlook Alternatives Hedge funds Alternatives investing Asset allocation Manager selection Portfolio construction Volatility Fixed income Private equity Article
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Mid-2022 Alternative Investments Outlook
As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.
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Article
2023-08-31
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man is going up the escalator
Outlook Asset allocation Multi-asset Equity Fixed income Commodities Thematic exposure Inflation Article
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Mid-2022 Asset Allocation & Investment Strategy Outlook
We explore the market implications of central bank policies, rising prices, and slowing growth and offer incremental steps to improving a portfolio’s return potential.
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Article
2023-07-31
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Asset allocation Thematic exposure Equity Quick Take
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Stepping-stone investment ideas: A bridge over troubled waters?
Multi-Asset Strategist Adam Berger offers incremental investment ideas that may help asset owners improve a portfolio's return potential.
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Adam Berger, CFA

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Quick Take
2022-10-31
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Portfolio strategy Multi-asset Asset allocation Alternatives Equity Fixed income Private equity Public pension (DB) Whitepaper
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Closing the return gap: A new set of “stepping stone” ideas
Multi-Asset Strategist Adam Berger offers incremental, flexible investment ideas that can be combined to help asset owners pursue their goals amid declining capital market return expectations.
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Adam Berger, CFA

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Whitepaper
2023-06-30
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Active management Manager selection Equity Quick Take
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Nobody’s perfect: The case for a long-term strategy in active management
While many asset owners recognize the value of a long-term mindset, it can be challenging to resist short-term instincts in volatile environments like the one we’ve seen in recent months. But asset owners who have a strategy to help them stay focused on the long term may avoid a number of potentially costly behaviors, including abandoning a thoughtfully selected allocation to a manager after a relatively short period of underperformance.
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Quick Take
2023-05-02
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USA Inflation Article Equity Fixed income Geopolitical COVID Private equity China
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Ten more “what if” scenarios for 2022
In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.
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Adam Berger, CFA

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Article
2023-02-28
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China Geopolitical Equity Active management Quick Take
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Amid heightened regulation and geopolitical tension, is China still investable?
Recent regulatory announcements have sent shivers through a wide swath of China’s economy, including the technology, finance, gaming, and property sectors, and tensions between China and the US continue to simmer. But while I understand the market’s reaction to these risks, I take a long-term perspective on China’s investability.
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Adam Berger, CFA

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Quick Take
2022-05-31
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486463910
Volatility Macro and market Public pension (DB) Endowments & foundations Family office Insurance Private pension (DB) Union (Taft Hartley) USA China Multi-asset Emerging markets Inflation Portfolio construction Article
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What if…? Contemplating five big questions for 2022
Could there be policy, inflation, or market surprises in 2022? Multi-Asset Strategist Adam Berger weighs the possibilities and the portfolio implications.
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Adam Berger, CFA

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Article
2023-02-28
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Outlook Private equity Macro and market Manager selection ESG Climate Alternatives investing Article
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2022 Alternative Investment Outlook
Our 2022 Alternative Investment Outlook looks at 5 areas of focus for the coming year and explores private equity markets and ESG opportunities.
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Article
2022-12-31
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486463910
Multi-asset Macro and market Public pension (DB) Subadvisory Union (Taft Hartley) Endowments & foundations Single Balance sheet Alternatives Equity Fixed income Portfolio policy Opportunities and risks Climate Article
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Changing “weather” patterns in alternatives and climate
Multi-Asset Strategist Adam Berger offers a forecast on the future of alternative and climate-related investing, with insights on manager selection, public/private allocations, climate-aware capital market assumptions, and a range of other topics.
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Adam Berger, CFA

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Article
2022-11-30
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Emerging markets China Macro and market Portfolio policy Equity Quick Take
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Should China equity be a stand-alone allocation?
As China’s role on the world stage looms larger, should investors separate the country from the rest of their emerging markets (EM) equity allocation? Three of our multi-asset strategists provide their research-based take, along with some practical considerations.
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Multiple authors

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Quick Take
2022-05-31
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486463910
Multi-asset Opportunities and risks Portfolio policy Public pension (DB) Article
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Investing for the long term (in a short-term world)
With short-term behavior evident across the financial landscape, Multi-Asset Strategist Adam Berger explores the intuitive and quantifiable advantages of being more long term, and he offers seven habits that can help asset owners cultivate a long-term mindset.
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Adam Berger, CFA

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Article
2022-09-30
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