Adam Berger

Asset allocation Risk management Multi-asset Equity Fixed income Currency Strategic allocation iStrat program Article

Managing currency exposure in multi-asset portfolios: how to weigh the trade-offs and impact

Nick Samouilhan, Head of Multi-Asset Strategy – APAC, evaluates the trade-offs of different currency hedging approaches and offers a novel framework for gauging their potential portfolio impact.

Multiple authors

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Article

2026-02-28

Asset allocation Macro and market Multi-asset iStrat Equity Fixed income Strategic allocation Top of Mind iStrat program Article

Top of Mind: The allocator’s checklist for 2024 and beyond

Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on areas where capital is scarce, alternatives may be attractive, and risks may bear watching.

By

Adam Berger, CFA

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Article

2025-01-31

Asset allocation Macro and market Multi-asset iStrat Equity Fixed income Strategic allocation Risk management Top of Mind iStrat program Article

Learning to love (or live with) a late-cycle environment

Are we actually in a late-cycle environment and, if so, how should allocators respond? Head of Multi-Asset Strategy Adam Berger offers guidance, including on portfolio positioning, big cycle bets, and security selection.

By

Adam Berger, CFA

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Article

2024-12-31

Outlook Alternatives Asset allocation Asian Opportunities Climate Market Neutral Hedge funds Macro and market Tactical allocation Diversification Article

Embracing uncertainty: Three alternatives ideas for a macro-driven world

Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.

By

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

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Article

2024-12-31

Outlook Alternatives Private debt Volatility Economic cycle Private equity Hedge funds Article

Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

Multiple authors

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Article

2024-11-30

Manager selection Asset allocation Active management Top of Mind iStrat Article Strategic allocation Multi-Asset solutions

Role, risk, and residual alpha: A framework for manager research

With many asset owners revisiting their strategic asset allocation and considering changes in their investment line-up, Director of Manager Research Kat Price and Head of Multi-Asset Strategy Adam Berger offer their views on manager selection best practices.

By

Adam Berger, CFA

Katrina Price, CAIA

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Article

2024-08-31

Outlook Alternatives Hedge funds Private debt Article Tactical allocation Multi-Asset solutions iStrat

Focus on what you can control: Five alternative investment ideas for an uncertain world

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how a variety of alternative investments, including select hedge funds and private credit, could help allocators reduce the importance of the economic cycle to their portfolio results.

By

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

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Article

2024-06-30

Fixed income Alternatives iStrat Macro hedge funds Credit Diversification Macro and market Top of Mind Article Strategic allocation Multi-Asset solutions

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.

By

Adam Berger, CFA

Amar Reganti

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Article

2024-05-31

Active management Macro and market Fundamental equity EM equity Equity Emerging markets Top of Mind Article Strategic allocation Multi-Asset solutions Alternatives iStrat

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.

By

Adam Berger, CFA

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Article

2024-05-31

Multi-asset Alternatives iStrat Strategic allocation Public pension (DB) Equity Fixed income Whitepaper Private equity Multi-Asset solutions

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.

By

Adam Berger, CFA

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Whitepaper

2024-08-02

Active management Manager selection Equity Volatility iStrat Quick Take Tactical allocation Multi-Asset solutions

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.

Multiple authors

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Quick Take

2024-04-30

Liquidity Multi-asset iStrat Top of Mind Article Strategic allocation Multi-Asset solutions Alternatives

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.

By

Adam Berger, CFA

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Article

2024-02-29

EM equity Portfolio construction Manager selection Emerging markets China Whitepaper Strategic allocation Multi-Asset solutions Alternatives iStrat

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.

Multiple authors

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Whitepaper

2024-01-31

Volatility Private equity Top of Mind iStrat Article Strategic allocation Multi-Asset solutions

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.

By

Adam Berger, CFA

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Article

2024-02-29

Thematic exposure Portfolio construction iStrat Multi-asset Whitepaper Multi-Asset solutions Alternatives Thematic solutions Tactical allocation

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.

Multiple authors

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Whitepaper

2024-01-31

Value vs growth Equity Macro and market Top of Mind Quick Take Tactical allocation Multi-Asset solutions iStrat

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.

By

Adam Berger, CFA

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Quick Take

2023-12-31

Hedge funds Private investing Outlook No Optimizely Macro and market Alternatives Private equity Article Tactical allocation Multi-Asset solutions iStrat

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.

By

Nick Samouilhan, PhD, CFA, FRM

Adam Berger, CFA

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Article

2023-12-31

Active management iStrat Top of Mind Inflation Value vs growth Volatility Innovation Interest rates Multi-asset Article Strategic allocation Multi-Asset solutions Alternatives

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.

By

Adam Berger, CFA

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Article

2023-12-31

Thematic exposure Equity Outlook No Optimizely Economic cycle iStrat Article Strategic allocation Multi-Asset solutions Alternatives

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.

Multiple authors

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Article

2023-12-31

Macro and market China Geopolitical Top of Mind COVID Equity Article Strategic allocation Multi-Asset solutions Alternatives iStrat

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.

By

Adam Berger, CFA

Santiago Millán, CFA

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Article

2023-08-31

Top of Mind Inflation Commodities Energy Article Strategic allocation Multi-Asset solutions Alternatives iStrat

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.

By

Adam Berger, CFA

David Chang, CFA

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Article

2023-08-31

Top of Mind Inflation Monetary policy Multi-asset USA Article Strategic allocation Multi-Asset solutions Alternatives iStrat

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.

By

Adam Berger, CFA

Juhi Dhawan, PhD

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Article

2023-07-31

Outlook Alternatives Hedge funds Alternatives investing Asset allocation Manager selection Portfolio construction Volatility Fixed income Private equity Article

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.

Multiple authors

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Article

2023-08-31

Multi-asset Inflation iStrat Tactical allocation Thematic exposure Article Equity Fixed income Commodities Outlook Multi-Asset solutions

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.

Multiple authors

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Article

2023-07-31

iStrat Tactical allocation Thematic exposure Quick Take Equity Multi-Asset solutions

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.

By

Adam Berger, CFA

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Quick Take

2022-10-31

Active management Manager selection Equity Quick Take Strategic allocation Multi-Asset solutions Alternatives iStrat

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.

Multiple authors

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Quick Take

2023-05-02

USA Inflation Article Equity Fixed income Geopolitical COVID Private equity China

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.

By

Adam Berger, CFA

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Article

2023-02-28

China Geopolitical Equity Active management Quick Take

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.

By

Adam Berger, CFA

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Quick Take

2022-05-31

Outlook Private equity Macro and market Manager selection ESG Climate Alternatives investing Article

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.

Multiple authors

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Article

2022-12-31

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