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Sizing private-market allocations
Our multi-asset experts explore three key components of sizing private market allocations, offering a framework to evaluate the capacity to take on illiquidity, the need for excess return, and the ability to consistently source 'good' investments.
8
min
Article
2026-05-31
Lessons learned from a top-heavy equity market
Can the Magnificent Seven stocks continue to dominate the equity market? And what can asset owners do when markets are narrow? Head of Multi-Asset Strategy Adam Berger and Global Equity Strategist Andy Heiskell discuss the challenges and opportunities.
10
min
Article
2026-04-30
When will capital come back to private equity?
Head of Multi-Asset Strategy Adam Berger and Head of Late-Stage Growth Matt Witheiler consider the state of the private equity market, including liquidity challenges, the effects of higher interest rates, late-stage opportunities, and the impact of AI.
12
min
Whitepaper
2026-03-31
Bitcoin on the brink: What investors need to know
As bitcoin appears to be entering a new phase of acceptance, we offer a brief asset owner's guide to the cryptocurrency's role, the evolving regulatory environment, potential investment benefits and risks, and portfolio implementation.
10
min
Article
2026-03-31
The high cost of unfunded duration — and some hope on the horizon
With many corporate DB plans thinking about managing their hedge ratios, members of our LDI Team explain the high cost of synthetic duration, how plans might want to think about this issue when targeting a specific duration profile, and why costs could improve over time.
6
min
Article
2026-03-31
Flipping the script: Our updated market outlook and the derisking/rerisking decision
Members of our LDI Team share an unusual outlook for equities and bonds and explain what it could mean for US corporate pension plans contemplating either derisking or rerisking moves from here.
6
min
Article
2026-02-28
The allocator’s checklist for 2025 and beyond
Head of Multi-Asset Strategy Adam Berger offers near- and longer-term ideas for allocators, including thoughts on alternatives, potential market surprises, and risk management.
15
min
Article
2026-01-30
LDI in 2025: Ten questions corporate plan sponsors are asking
Members of our LDI Team address a range of topics that US corporate plans will be thinking about this year, from pension funding and accounting issues to portfolio diversification opportunities.
12
min
Article
2026-01-31
Three performance drivers could help hedge funds rev up returns
Alex King and Adam Berger, members of our Investment Strategy & Solutions Group, explain why we're at a turning point for economic and market conditions that could benefit hedge funds and make them a potentially valuable addition to a multi-asset portfolio.
6
min
Article
2025-12-31
“Goldilocks” and the three drivers of hedge fund outperformance
Members of our Investment Strategy & Solutions Group explain why shifting economic conditions may bode well for hedge funds broadly but also see reasons that manager selection may be more important than ever.
15
min
Whitepaper
2026-11-30
Setting ROAs for 2025: A guide for US corporate and public plans
How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.
16
min
Whitepaper
2025-11-30
Private placements: A primer for corporate DB plans preparing to derisk
With many corporate DB plans exploring derisking opportunities, Portfolio Manager Elisabeth Perenick and Multi-Asset Strategist Amy Trainor discuss the potential role that private investment-grade credit, or private placements, could play and consider common questions about liquidity and allocation sizing.
9
min
Article
2025-08-31
The evolution of derisking: Assessing new and time-tested liability-hedging ideas
As defined benefit plans contemplate the best path to their eventual “end state,” members of our LDI team update their liability-hedging research with a blend of traditional benchmark ideas and new opportunities to capitalize on changing market conditions and a broader investment universe.
22
min
Whitepaper
2026-06-30
Can hedge funds play the role?
How should investors select the most suitable types of hedge funds for specific roles? Members of our Investment Strategy & Solutions Group offer a simple and intuitive framework that can help.
11
min
Article
2025-03-31
Picking the right building blocks for a climate-aware portfolio
For asset owners integrating climate change into their multi-asset portfolios, members of our Investment Strategy & Solutions Group offer five important insights.
3
min
Article
2025-04-30
A blueprint for building climate-aware multi-asset portfolios
Members of our Investment Strategy & Solutions Group take a deep dive on the issues asset owners should consider when choosing climate-aware portfolio building blocks, from the evolving opportunity set to the active/passive decision.
Whitepaper
2026-03-31
Using defensive equities in a return-seeking portfolio: A factor framework for corporate plans
Members of our LDI and Fundamental Factor teams share their views on defensive equity investments, including their role in a plan's portfolio and the current environment for defensive factors.
Article
2025-03-31
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.
Article
2026-02-28
Multi-Asset Market Outlook
To help think through the asset allocation outlook and implications for 2023, we offer views from iStrat, our investment strategy and solutions group
Article
2024-12-31
Rebalancing a multi-asset portfolio: A guide to the choices and trade-offs
Many investors wrestle with portfolio rebalancing decisions, particularly in volatile environments. In this paper, members of our Investment Strategy Team argue for a well-structured rebalancing policy and share research on different approaches and common implementation considerations.
Whitepaper
2025-12-31
Beyond China: what does the rest of the EM equity world have to offer?
For investors contemplating a separate allocation to EM ex-China equities, members of our iStrat Team share their research on the composition of the opportunity set, the growing divergence in the behavior of EM ex-China equities and Chinese equities, and the long-term market outlook.
Article
2025-11-30
Setting ROAs for 2024: A guide for US corporate and public plans
How are pension plans adjusting their ROA assumptions? And how do those assumptions line up with our long-term capital market assumptions? Find out in this annual update.
Whitepaper
2024-12-31
Liability-hedging diversifiers: What’s on your pension’s playlist?
Corporate pensions moving closer to their end state may benefit from more diversified liability-hedging allocations. To help, LDI Team Chair Amy Trainor offers a liability-hedging diversifiers “playlist” — a set of asset classes and strategies that may harmonize well with a variety of objectives, from downside mitigation to long-term outperformance versus long corporate bonds.
Whitepaper
2024-10-31
Income investing in multi-asset portfolios: Tipping the balance in your favour
Income can play a crucial role in the pursuit of investment objectives over time, but research from our iStrat Team argues for a balanced approach to asset allocation decisions given the potential trade-offs between income and capital return, risk, and portfolio diversification.
Whitepaper
2024-09-30
Mind the liquidity (and cost) gap: Revisiting a plan’s hedge-ratio approach
Members of our LDI Team take a fresh look at the process of setting and managing liability hedge ratio targets, including liquidity considerations that are top of mind today and the implementation toolkit.
Article
2025-06-30
Is your asset allocation ready for the realities of climate change?
Our Investment Strategy Team shares key findings from the research behind their climate-aware strategic asset allocation (SAA) approach, including challenges and trade-offs that asset owners should understand.
Article
2025-06-30
Is the structural case for inflation still intact?
Even if inflation cools in the coming months, members of our Investment Strategy team expect it to be "stickier" over the long term. Find out how that might impact asset allocation decisions.
Quick Take
2024-05-29
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.
Whitepaper
2024-08-02
Designing a climate-aware strategic asset allocation
Members of our Investment Strategy Team explain how they incorporate climate metrics into their asset allocation optimization process. They also discuss implementation — the choice of specific climate-aware building blocks and strategies to express the desired asset allocation.
Whitepaper
2024-04-30
Adapting our capital market assumptions to the realities of climate risk
How will asset prices be affected by climate risk? Members of our Investment Strategy team explain how they're seeking to answer that question with their new climate-aware capital market assumptions.
Quick Take
2024-04-30
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