Sourced Group

event May 2025

8 min

Article

2026-05-31

Insurance Macro and market Tactical allocation FRM Program Insurance Asset Allocation Outlook Article

Tariff wars: The yield awakens

Members of our Insurance team discuss the turbulent economic and market environment and the implications for reserve-backing and surplus fixed income, as well as other major asset classes.

By

Amar Reganti

Alyssa Irving

event April 2025

15 min

Article

2026-04-30

Blockchain Cryptocurrency Strategic allocation Content CoE Program Global Program iStrat Article

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.

Multiple authors

event March 2025

10 min

Article

2026-03-31

Risk management Regulatory Asset allocation FRM Program Insurance Insurance Quick Takes Private credit Multi-Asset solutions Multi-asset Balance sheet Americas Multi-Asset qualifier Video

Insurance Quick Takes: Positioning portfolios for what’s next in private credit

In our latest Insurance Quick Takes video, Tim Antonelli, head of Insurance Multi-Asset Strategy and portfolio manager, discusses the 2025 outlook for private credit and its implications for insurers.

By

event March 2025

8 min

Video

2026-03-31

European Union flags waiving at Berlaymont building of the European Commission in Brussels, Belgium

Chart in Focus Equity Asset allocation Content CoE Program Global Program iStrat Europe Wellington on Washington and the World Tactical allocation Infographic

Chart in Focus: how sustainable is Europe’s rally?

Is the recent rally in European equities sustainable? In this edition of our Chart in Focus series, we explore the potential path ahead.

Multiple authors

event March 2025

4 min

Infographic

2026-03-31

Fixed income LDI Alert Liability-driven investing DB Private Program iStrat Strategic allocation Article

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.

Multiple authors

event March 2025

6 min

Article

2026-03-31

Macro and market Geopolitics Tactical allocation Content CoE Program Global Program iStrat Multi-asset Wellington on Washington and the World Article

The US equity rotation: Where have all the good vibes gone?

After riding into 2025 on a wave of post-election euphoria, the US stock market has struggled to find its footing so far this year. Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson looks at what’s changed in the markets and what it might mean for investors.

By

event March 2025

4 min

Article

2026-03-31

LDI Alert Macro and market Asset allocation DB Private Program Private pension (DB) iStrat Multi-asset Strategic allocation Liability-driven investing Article

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.

By

Ian Spencer

event February 2025

6 min

Article

2026-02-28

Fixed income Insurance Regulatory FRM Program Balance sheet Multi-Asset solutions Americas Insurance Quick Takes Asset allocation Video

Insurance Quick Takes: The latest from the NAIC on CLO and bond fund capital charges

In our latest Insurance Quick Takes video, Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, offers a timely update on two important investment-related projects discussed in a special NAIC meeting.

By

event February 2025

6 min

Video

2026-02-27

EM equity Geopolitics Thematic exposure Wealth Program Fundamental equity Emerging Market Development Small-cap Equity Emerging markets Content CoE Program Global Program iStrat Article

Emerging markets under Trump 2.0: expect the unexpected

Portfolio Manager Dáire Dunne and Investment Director Irmak Surenkok discuss what Trump 2.0 entails for emerging markets investors and what useful lessons they can learn from his first term.

By

Dáire Dunne, CFA

Irmak Surenkok

event January 2025

5 min

Article

2026-01-31

Ne year resolution yellow stickers banner

Active management Multi-asset Tactical allocation Wealth Program iStrat Wealth Article

Four achievable New Year’s resolutions for investors

Are New Year’s Resolutions for investors purely aspirational or a helpful tool? Investment Strategy Analyst Alex King believes the latter and proposes four achievable resolutions.

By

event January 2025

5 min

Article

2026-02-28

Income Inflation Thematic exposure Content CoE Program Global Program iStrat Multi-asset Tactical allocation Outlook Article

Balancing bumps in the road and big-picture thinking in 2025

How can investors position portfolios for bumps in the road without losing sight of longer-term opportunities?

By

event January 2025

8 min

Article

2025-12-31

Liquid alternatives & hedge funds Macro and market Multi-asset DB Public Program iStrat Strategic allocation Risk management Top of Mind Article

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.

By

event January 2025

15 min

Article

2026-01-30

Liability-driven investing Multi-asset Strategic allocation DB Private Program iStrat Private pension (DB) Article

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.

By

Ryan Randolph

event January 2025

12 min

Article

2026-01-31

Hedge funds Macro and market Strategic allocation Content CoE Program Global Program iStrat Long-short Macro hedge funds Liquid alternatives & hedge funds Manager selection Outlook Article

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.

By

event January 2025

6 min

Article

2025-12-31

Equity Factors Macro and market Content CoE Program Global Program iStrat Active management Portfolio construction Whitepaper Article

Concentrated markets: Implications for active management, manager research, and multi-manager capital allocation

Members of our Fundamental Factor Team share research insights on the portfolio impact of benchmark concentration and highlight tools that may help, including extension strategies, passive-share analysis, and index-completion approaches.

By

Gregg Thomas, CFA

Megan Kelly, CFA

event December 2024

18 min

Whitepaper

2025-12-31

Multi-asset Outlook iStrat Brand Content CoE Program Global Program Article

Multi-Asset Investment Outlook

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

Multiple authors

event December 2024

Article

2025-12-31

Fiscal policy Interest rates Tactical allocation Content CoE Program Global Program iStrat Multi-asset Outlook Article

Trump 2.0: Time to curb your enthusiasm?

How does an allocator navigate markets when so much about the policy landscape is unknown? Our Investment Strategy & Solutions Group offers their views on the new political realities in the US and their global implications, including for equities, bonds, and commodities.

Multiple authors

event December 2024

12 min

Article

2025-12-31

Geopolitics Volatility Multi-asset Macro and market Top of Mind Article iStrat Tactical allocation DB Public Program

A guide to investing in the age of anxiety

There's a long list of issues worrying asset owners, from geopolitical risk to high valuations. To help, Head of Multi-Asset Strategy Adam Berger offers coping tips for an uncomfortable investment backdrop and a world where investing rules of thumb may be broken.

By

event December 2024

15 min

Article

2025-12-01

Income Equity Fixed income Content CoE Program Global Program iStrat Economic cycle Portfolio strategy Outlook Article Tactical allocation

Is your portfolio keeping pace with the changed outlook?

It's been an uncertain few years for investors, but looking ahead, we believe investors can expect a resilient economy, a solid outlook for growth and a positive environment for risk assets. What does a changed outlook mean for investors?

By

Jeremy Butterworth

event December 2024

8 min

Article

2025-12-31

Macro and market Multi-asset Tactical allocation FRM Program iStrat Article Balance sheet

Don’t let recency bias get in the way of good investment ideas

Tim Antonelli, Head of Multi-Asset Strategy – Insurance, offers ideas to help insurers avoid being anchored to recent events and build portfolio resilience, from locking in higher yields to taking a more dynamic approach with surplus assets.

By

event November 2024

14 min

Article

2025-11-30

Helicopter view of the New York City skyline and the The Trump Building in Lower Manhattan, New York.

Chart in Focus Elections Asset allocation Advised Retail Program Diversification iStrat Tactical allocation Infographic

Chart in Focus: Is the “Trump trade” real?

Is this "Trump trade" real？In this latest edition of Chart in Focus, we compare market's reactions to Trump's re-election and his 2016 election, and share our observations.

Multiple authors

event November 2024

3 min

Infographic

2025-11-29

Nature background of dreamy, fairy tale and beautiful jungle forest pedestrian footpath alley way place for walking in tunnel of old oak green trees light up with sun rays trough grass at sunset on spring day

Hedge funds Macro and market Strategic allocation Alternatives Hedge Funds Program Manager selection Whitepaper iStrat

“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.

By

event November 2024

15 min

Whitepaper

2026-11-30

Liability-driven investing Strategic allocation Regulatory DB Private Program Multi-asset Whitepaper iStrat

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.

Multiple authors

event November 2024

16 min

Whitepaper

2025-11-30

Chart in Focus Growth Equity Advised Retail Program Market commentary iStrat Tactical allocation Infographic

Chart in Focus: Can this equity bull market last?

Can this current equity bull market last? In this latest edition of Chart in Focus, we focus on the indicators of whether it may come to an end or keep running.

Multiple authors

event November 2024

3 min

Infographic

2025-11-30

USA Elections Tactical allocation Content CoE Program Global Program Wellington on Washington and the World Multi-asset iStrat iStrat Video

What do the US election results mean for investors?

The US election results could have significant implications for the global economy and capital markets. Our panel of experts provides a thorough analysis of what happened and explores potential market impacts.

Multiple authors

event November 2024

Video

2025-11-30

Insurance Multi-asset Regulatory FRM Program Insurance Quick Takes Asset allocation Americas Multi-Asset solutions Multi-Asset qualifier Balance sheet Video

Insurance Quick Takes: Navigating the Principles-Based Bond Definition Project

In our latest Insurance Quick Takes video, Tim Antonelli breaks down the NAIC’s Principles-Based Bond Definition (PBBD) project and implications for US insurers.

By

event October 2024

6 min

Video

2025-10-31

Forked road in St. James Gardens, Liverpool. St James's Cemetery is an urban park behind the Liverpool Cathedral. This photo symbolise a choice between two different paths. Diminishing perspective point of view..

Liability-driven investing Risk management Tactical allocation iStrat Private pension (DB) Multi-asset Article

Why more corporate plans should pass on pension risk transfers

LDI Team Chair Amy Trainor explains why she believes a pension risk transfer may, in many cases, not be the best choice for fully funded plans from a cost/benefit standpoint.

By

event October 2024

5 min

Article

2025-11-30

Impact ESG Sustainability Distribution Impact investing Business practices Sustainable investing Video Unique Perspectives

Impact measurement and management practices

What constitutes an impact investment? How is impact measured? And, what are the benefits of impact investing? Our Impact Management and Measurement Practice Leader Oyin Oduya discusses our approach.

By

Oyin Oduya, CFA

event October 2024

3 min

Video

2025-10-18

Insurance Multi-asset Tactical allocation FRM Program iStrat Monetary policy Article

Take it “ease”-y

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he thinks insurers should consider locking in current yields and sticking with global equity exposure.

By

event October 2024

18 min

Article

2025-10-31

Equity iStrat Elections Wealth Program Thematic solutions Article Thematic exposure

US election special: which investment themes win at the polls?

The upcoming US election could be one of the most momentous in recent history. How could the result affect different investment themes? Our thematic team investigate the potential implications for investors.

Multiple authors

event October 2024

7 min

Article

2025-10-31

Monetary policy Multi-asset Tactical allocation Content CoE Program Global Program Elections Quarterly Asset Allocation Outlook Article iStrat

Sahm rules are meant to be broken

Fed easing is finally here and fundamentals remain favorable. But what about that election? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities.

Multiple authors

event October 2024

12 min

Article

2025-10-31

Economic cycle Interest rates Portfolio strategy Advised Retail Program iStrat Active management Chart in Focus Tactical allocation Infographic

Chart in Focus: What does the rate cut mean for equities and bonds?

Are rate cuts positive? On the heels of the much-anticipated initial Fed cut, in this article we look to historic precedent for where the markets could go in the coming months.

Multiple authors

event September 2024

3 min

Infographic

2025-09-30

Active management Equity Macro and market Wealth Program USA Emerging markets Growth Wealth Chart in Focus iStrat Tactical allocation Infographic

Chart in Focus: The need to differentiate market growth from macro growth

Macro growth and earnings growth have been misaligned for the last 15 years, particularly in the US and China, but in opposite directions. For equity investors, what would be the key to identify real growth?

By

event September 2024

3 min

Infographic

2025-09-30

USA Elections Tactical allocation Wealth Program Wellington on Washington and the World Article iStrat

The US elections through the eyes of a European investor

Supriya Menon, Head of Multi-Asset Strategy – EMEA, explores what potentially material implications upcoming US elections could have for European investors and identifies key areas to monitor closely.

By

event September 2024

7 min

Article

2025-09-30

Liability-driven investing Portfolio construction DB Private Program iStrat Equity Fixed income Whitepaper Tactical allocation

Extra credit for corporate plans: Advanced topics in LDI implementation

To help corporate DB plans refine their liability-hedging strategies, members of our LDI Team take a deep dive on 3 key liability risks and offer ideas to help improve the design of hedging portfolios.

By

Elisabeth Perenick, FSA, CFA

Jacqueline Yang, CFA

event September 2024

25 min

Whitepaper

2026-08-31

USA Elections Tactical allocation Wealth Program iStrat Geopolitics Wellington on Washington and the World Multi-asset Article

Four investment perspectives amid a pivotal US election

How can investors reposition portfolios for a pivotal but highly unpredictable US elections? Nick Samouilhan explores potential avenues in conversation with three leading portfolio managers.

Multiple authors

event September 2024

6 min

Article

2025-09-30

Private investing iStrat Strategic allocation Private pension (DB) Article Private credit Americas Liability-driven investing DB Private Program

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.

By

event August 2024

9 min

Article

2025-08-31

Insurance Multi-asset Regulatory FRM Program iStrat Credit Macro and market Video Tactical allocation

Insurance Quick Takes: US life insurers’ utilization of private placements

In our latest Insurance Quick Takes video, Tim Antonelli discusses research on US life insurers’ use of private placement investments, and shares observations for insurers globally.

By

event August 2024

3 min

Video

2025-08-08

Market disruptions Volatility Tactical allocation Institutional Program Content CoE Program Global Program Interest rates Multi-asset iStrat Article

Massive market sell-off: Justified or an overreaction?

What's behind the global market meltdown, and what should investors consider doing? Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson shares her views.

By

event August 2024

3 min

Article

2025-08-31

Elections Interest rates DB Public Program Content CoE Program Global Program Top of Mind USA Fixed income iStrat Article Tactical allocation

Does the US election even matter? Thoughts on politics, Fed policy, and portfolios

What's next for interest rates and what impact will the US election have? Head of Multi-Asset Strategy Adam Berger and Macro Strategist Mike Medeiros share their outlook and discuss the asset allocation implications.

By

Michael Medeiros, CFA

event July 2024

9 min

Article

2025-06-30

Income Fixed income Interest rates Wealth Program Asia advised retail Credit Wealth Wealth Chart in Focus Infographic

Chart in Focus: Four key areas of opportunities in bonds amid Fed uncertainty

We discuss four key areas of opportunities in fixed income amid Fed uncertainty in the second half of the year.

By

Amar Reganti

Campe Goodman, CFA

event July 2024

3 min

Infographic

2025-07-31

Equity Innovation DB Public Program Tactical allocation iStrat Macro and market Top of Mind Artificial intelligence (AI) Information technology Public pension (DB) Article Global Innovation

The AI effect: Time to rethink your technology exposure?

Will AI fulfill the market's high expectations? Will it continue to drive market concentration? Head of Multi-Asset Strategy Adam Berger and Global Industry Analyst Brian Barbetta, co-head of our Technology team, discuss the outlook and the asset allocation implications.

By

Brian Barbetta

event July 2024

7 min

Article

2025-07-31

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Insurance Macro and market Tactical allocation FRM Program iStrat Quarterly Asset Allocation Outlook Article

Come on in, the water’s fine! Ready for a surplus summer

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, explains why he continues to see reserve fixed income as the sweet spot for insurers and why there may be upside for equities.

By

event July 2024

17 min

Article

2025-07-31

Fixed income Liability-driven investing Asset allocation DB Private Program Private pension (DB) Strategic allocation Whitepaper iStrat

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.

By

Jacqueline Yang, CFA

event July 2024

22 min

Whitepaper

2026-06-30

Active management Growth Equity Macro and market Advised Retail Program Asia advised retail USA Wealth Chart in Focus iStrat Tactical allocation Infographic

Chart in Focus: Broadening earnings growth signals healthy US equity market

Over the past year, the markets have seen the companies best poised to harness and benefit from new innovations within artificial intelligence rewarded accordingly. Can this signal more upside for the entire US equity market?

By

event July 2024

3 min

Infographic

2025-07-31

Active management Artificial intelligence (AI) Thematic exposure Content CoE Program Global Program Future Themes Equity Thematic solutions Thematic qualifer Article iStrat

Thematic investing focus: how exactly will AI transform the world?

We are on the brink of a technological revolution that has major implications for all sectors, companies, labour, and regulators. How can a thematic lens help investors separate hype from reality?

By

Dáire Dunne, CFA

Aaron Koh

event July 2024

8 min

Article

2025-06-30

Small-cap Diversification Multi-asset Tactical allocation Wealth Program Inflation Article iStrat

Breaking concentration: big picture thinking with small-cap equities

How to overcome the risks associated with today's concentrated market? Investment Director John Mullins explores why small-cap equities could be part of the answer.

By

John Mullins

event July 2024

6 min

Article

2025-07-31

Interest rates Outlook Content CoE Program Global Program Inflation Tactical allocation Article iStrat

All-time highs and CPIs: What comes next?

Global fundamentals have kept markets content so far this year, but will politics sour the mood? Members of our Investment Strategy & Solutions Group offer their views on the second half of 2024, including on equities, bonds, and commodities.

Multiple authors

event July 2024

14 min

Article

2025-01-08

Insurance Fixed income Portfolio strategy FRM Program Whitepaper

Loans from Federal Home Loan Banks: An opportunity for US insurers to enhance investment yield and total return

Learn why we believe FHLB loans provide compelling potential for insurers to add alpha or increase yield by borrowing at low rates and benefitting from possible favorable treatment by ratings agencies. In addition, explore examples of customized investment solutions that have the potential to capitalize on these advantages.

By

Abigail Clare

event July 2024

16 min

Whitepaper

2025-12-31

Active management Macro and market Macro Thematic solutions Equity Multi-asset Article iStrat Tactical allocation

Divergence isn’t just about central bank policy

Divergence has implications for investors —and central bank divergence is only one of five ways to think about it.

By

event June 2024

8 min

Article

2025-06-30

Insurance Regulatory Multi-asset USA Insurance Quick Takes iStrat program Video Tactical allocation iStrat

Insurance Quick Takes: One regulator's view of geopolitics’ impact on the industry

In our latest Insurance Quick Takes video, Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, discusses why a recent stress test from a regulator could have implications for insurers across the globe.

By

event June 2024

5 min

Video

2025-06-30

Hedge funds Outlook Market disruptions Tactical allocation Multi-asset Long-short Macro hedge funds Multi-strat hedge funds Article iStrat

Investing in “3D”: Forces shaping alternatives opportunities in 2024

Multi-Asset Strategists Adam Berger and Nick Samouilhan offer six ideas from the hedge fund and liquid alternatives investment space, from global macro to multi-strategy approaches.

By

event June 2024

4 min

Article

2025-06-30

Economic cycle Interest rates Monetary policy iStrat Article Tactical allocation

When the Fed sneezes, the ECB… cuts rates regardless?

Since the late 1990s, when the US cycle turned, the rest of the world generally followed, with a lag. However, the new economic era is likely to result in greater cyclical divergence between countries and the need for different central bank responses. How should investors think about the age of economic divergence?

By

event June 2024

7 min

Article

2025-03-21

Active management Currency Fixed income Macro and market Euro High Yield Global Credit Plus Global High Yield Global Impact Multi-Sector Credit Opportunistic Fixed Income Corporate cash Defined contribution (DC) Distribution Private pension (DB) Public pension (DB) Sovereigns Subadvisory Union (Taft Hartley) Article

Currency interventions — here to stay?

Marco Giordano and Danielle Wei discuss the growing risk of large-scale currency interventions and what investors can do to prepare for the associated risks and opportunities.

By

Marco Giordano

Danielle Wei

event June 2024

4 min

Article

2025-06-30

Small-cap Factors iStrat Whitepaper

Factors to consider when allocating to US small-cap stocks

From avoiding "junk" to holding on to "graduates," members of our Fundamental Factor Team share their research insights on the pursuit of alpha in the small-cap space.

Multiple authors

event June 2024

18 min

Whitepaper

2026-05-31

Asset allocation Economic cycle Value vs growth iStrat program Equity Fundamental equity Article Tactical allocation iStrat

Value stocks: Rules of thumb are meant to be broken

What will it take for value stocks to bounce back from a long period of underperformance? Members of our iStrat Team say that, conventional wisdom aside, it's not all about the economic cycle and offer their outlook for the next three to five years.

By

Karoline Klimova

event May 2024

9 min

Article

2026-05-31

Credit Interest rates Asset allocation Fixed income Top of Mind Article Tactical allocation iStrat

Structuring core fixed income: A constructive view on market and macro conditions

Head of Multi-Asset Strategy Adam Berger and Fixed Income Portfolio Manager Connor Fitzgerald discuss the interest-rate environment and the fundamental picture in investment-grade credit and high yield.

By

Connor Fitzgerald, CFA

event May 2024

7 min

Article

2025-05-30

Multi-asset iStrat Tactical allocation Article Fixed income Interest rates Quarterly Asset Allocation Outlook

With the Fed on hold, is the case for bonds kaput?

Amid worries about sticky inflation, the market has scaled back its expectations for interest rate cuts this year. But even if rate cuts are on hold a while longer, members of our Multi-Asset Team still think investors should consider a move from cash to bonds.

By

event May 2024

5 min

Article

2025-05-30

Active management Interest rates Credit Inflation Income Growth Tactical allocation Fixed income Article iStrat

New era demands a nimble approach to credit

Our expert explains why deep research and an active approach are effective ways for fixed income investors to uncover credit opportunities in today's market.

By

Campe Goodman, CFA

event May 2024

5 min

Article

2025-05-31

Value vs growth Macro and market iStrat Small-cap Equity Top of Mind iStrat program Article Tactical allocation

What could change the trajectory of value stocks?

Head of Multi-Asset Strategy Adam Berger and Equity Portfolio Manager Nataliya Kofman discuss “resilient” value stocks, disruptive themes, and attractive sector- and country-level opportunities.

By

Nataliya Kofman

event May 2024

7 min

Article

2025-05-31

Asset allocation Macro and market Small-cap iStrat program Top of Mind Equity iStrat Article Tactical allocation

Small-cap stocks: Watching for mean reversion, technology diffusion, and the next inflection point

Our experts discuss factors that could help small-cap stocks rebound and the search for winners in this inefficient segment of the market.

By

Peter Carpi

event May 2024

8 min

Article

2024-12-31

LDI Alert Interest rates Private pension (DB) Liability-driven investing Volatility Tactical allocation Article iStrat

Time to derisk? Funded status up, but potential volatility ahead

LDI Team Chair Amy Trainor explains why US corporate DB plans may have a rare and limited opportunity to derisk and offers suggested action steps.

By

event May 2024

3 min

Article

2025-05-06

Asset allocation Economic cycle Interest rates iStrat program Multi-asset iStrat Video Tactical allocation

Exploring active opportunities amid continued regime change

Head of Multi-Asset Strategy, APAC, Nick Samouilhan outlines why today's environment of dispersion, divergence and disruption offers potentially compelling opportunities for active investors.

By

event May 2024

2 min

Video

2025-04-30

Liquid alternatives & hedge funds Alternatives investing iStrat program Strategic allocation Multi-strat hedge funds iStrat Article

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.

Multiple authors

event April 2024

11 min

Article

2025-03-31

Equity Small-cap Value vs growth Tactical allocation Growth Fundamental equity Article iStrat

4 equity themes: Budding opportunities in small caps and more

Our expert highlights 4 areas where he sees opportunity in global equity markets.

By

Andrew Heiskell

event April 2024

3 min

Article

2025-04-30

Manager selection Climate Sustainable investing iStrat program Strategic allocation Active management Equity Fixed income Multi-asset Liquid alternatives & hedge funds Article iStrat Tactical allocation

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.

Multiple authors

event April 2024

3 min

Article

2025-04-30

Thematic exposure Carbon emissions Energy Emerging Market Development iStrat program iStrat Article

Thematic investing focus: evolving the current generation of energy

The energy transition is taking place amid a greater focus on energy security and affordability. What could this mean for the role of traditional energy companies, ask Keith White Daouii Abouchere and Megan Galligan.

Multiple authors

event April 2024

11 min

Article

2025-04-30

Thematic exposure Carbon emissions Energy iStrat program Emerging Market Development iStrat Article

Thematic investing focus: advancing the next generation of energy

The decarbonisation process represents the biggest capital cycle in our lifetime. As we develop the next generation of energy, Keith White, Daouii Abouchere and Megan Galligan examine how thematic investors can make the most of this structural opportunity.

Multiple authors

event April 2024

11 min

Article

2025-04-30

Insurance Asset allocation Macro and market Balance sheet iStrat Multi-asset Tactical allocation Quarterly Asset Allocation Outlook iStrat program Article

Risky business: Is now the time for surplus action?

Tim Antonelli, Head of Multi-Asset Strategy – Insurance and Portfolio Manager, considers insurers' renewed interest in risk assets and offers his views on areas that may be worth a closer look.

By

event April 2024

17 min

Article

2025-04-30

Credit Defined contribution (DC) Fixed income Americas Whitepaper

The role of multi-asset credit in DC plans

We believe that multi-asset credit can augment a DC plan's core or core plus allocation by potentially providing diversification, real-time allocations to sector opportunities, and a stable income stream.

Multiple authors

event April 2024

18 min

Whitepaper

2025-04-30

Multi-asset iStrat Tactical allocation Asset allocation Article Interest rates Economic cycle iStrat program Quarterly Asset Allocation Outlook

Do fundamentals support a risk-on tilt?

Surprisingly strong economic growth, declining inflation, easy financial conditions — can it get any better for markets? Members of our Investment Strategy & Solutions Group offer their outlook, including their latest views on equities, bonds, and commodities.

Multiple authors

event April 2024

Article

2025-03-31

Insurance Regulatory Multi-asset USA Insurance Quick Takes iStrat program Video Tactical allocation iStrat

Insurance Quick Takes: What's next for CLO risk charges?

Tim Antonelli, Head of Insurance Multi-Asset Strategy and Portfolio Manager, breaks down the impact of recent US insurance regulatory developments on the CLO universe, and why this matters for U.S. insurers.

By

event March 2024

Video

2025-03-31

Manager selection Climate iStrat program Strategic allocation Multi-asset iStrat Whitepaper

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.

Multiple authors

event March 2024

Whitepaper

2026-03-31

Liability-driven investing Equity Private pension (DB) iStrat Factor solutions Multi-asset Strategic allocation Factors iStrat program Article

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.

By

Tom Simon, CFA, FRM

event March 2024

Article

2025-03-31

China Macro and market Equity iStrat EM equity Tactical allocation iStrat program Article

No bulls in the China shop?

John Mullins, Irmak Surenkok and Steven Ye assess the investment debate surrounding China's prolonged underperformance and outline three investment ideas for active investors to consider.

Multiple authors

event March 2024

Article

2025-03-31

Growth Fixed income High yield Equity Tactical allocation iStrat program Article iStrat Macro and market

How to nurture a growth mindset in a higher-yielding landscape

In a higher-yield world, can fixed income deliver meaningful growth? John Mullins, Supriya Menon and Alex King explore how high-yield bonds may offer a powerful opportunity for growth - as well as a cushion against uncertainty.

Multiple authors

event March 2024

12 min

Article

2025-03-31

Income Fixed income Asset allocation iStrat program Inflation Value vs growth Economic cycle Monetary policy Tactical allocation Equity Multi-asset Article iStrat

Income: the hard worker in your portfolio deserves more credit

Income from cash is good but income from bonds is better. In a less certain macro environment, Alex King, Supriya Menon and John Mullins think the case for income only gets stronger. How can investors make the most of opportunities?

Multiple authors

event March 2024

5 min

Article

2025-03-31

Diversification Fixed income Inflation Tactical allocation iStrat program Article iStrat

Adopt a new vantage point for diversifying your portfolio

Supriya Menon, Alex King and John Mullins explore why a diversified mixed of fixed income exposure is a key component of a nuanced approach to diversification in today's cyclical macro regime.

Multiple authors

event March 2024

7 min

Article

2025-01-31

Income Asset allocation Active management iStrat Multi-asset Inflation Article Tactical allocation

Facing the inflation dilemma head on

Inflation has already fallen much quicker than most expected. However, there are convincing reasons why inflation might be higher and more volatile going forward. What are the implications for asset allocation?

By

John Mullins

event March 2024

Article

2025-02-23

Insurance Regulatory Multi-asset Multi-Asset solutions USA Insurance Quick Takes iStrat program Video

Insurance Quick Takes: IFRS S1 and S2: What's the impact to insurance investing?

Tim Antonelli, Head of Multi-Asset Strategy – Insurance, discusses the implications of two new sustainability reporting standards for global insurers, IFRS S1 and IFRS S2, and why it's not just IFRS filers that should pay attention.

By

event February 2024

Video

2024-11-30

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

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

event February 2024

Article

2026-02-28

Geopolitics Thematic exposure Innovation iStrat program Equity Emerging Market Development iStrat Article Elections

Thematic investing focus: security in a world of great-power competition

In an environment of accelerating great-power competition and geopolitical instability, policymakers may place a higher emphasis on security – even at the expense of economic efficiency. What could this mean for thematic investors?

Multiple authors

event February 2024

Article

2025-02-28

Macro and market Multi-asset iStrat Top of Mind iStrat program Article Public pension (DB) Tactical allocation

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

event January 2024

Article

2025-01-31

EM debt Macro and market Outlook Balance sheet Public pension (DB) Sovereigns Unit linked Union (Taft Hartley) Multi Single Distribution Global Credit Plus Multi-Sector Credit Opportunistic Fixed Income Fixed income Emerging markets Macro Fixed income program Quick Take

Emerging markets debt: resilience in the face of adversity

Our expert discusses why she is positive on the outlook for emerging markets debt, even though growth will likely slow.

By

Gillian Edgeworth

event January 2024

Quick Take

2025-01-31

Outlook Multi-asset iStrat Tactical allocation Manager selection iStrat program Brand Article

Navigating a volatile reality: three ideas for 2024 and beyond

2023 saw investors grapple with a new, more volatile reality. How should portfolios be positioned for opportunities and challenges in 2024?

By

event January 2024

Article

2025-01-31

Outlook Multi-asset iStrat Emerging Market Development Multi-Asset solutions Factor solutions Tactical allocation Strategic allocation Manager selection Thematic exposure Article

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

Multiple authors

event January 2024

Article

2024-12-31

Monetary policy Economic cycle Tactical allocation Inflation Multi-asset Article iStrat program iStrat

Fork in the road: Slowdown or reacceleration ahead?

Markets seem to expect a much smoother ride in 2024, but are they too optimistic? Members of our Investment Strategy & Solutions Group offer their macro and market outlook, including their latest views on equities, bonds, and commodities.

Multiple authors

event January 2024

Article

2026-01-31

Innovation Thematic exposure Equity Disruption Emerging markets Thematic solutions Emerging Market Development Thematic qualifer Discretionary Article

What route is right in emerging markets investing?

How can investors find the most compelling opportunities within emerging market equities? Simon Henry and Dáire Dunne explain why they think targeting the economic development opportunity may provide a roadmap for success.

By

Simon Henry, CFA

Dáire Dunne, CFA

event December 2023

Article

2024-12-15

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

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

event December 2023

Article

2024-12-31

Asset allocation Multi-asset Risk management iStrat Strategic allocation iStrat program Whitepaper

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.

By

Jacqueline Yang, CFA

event December 2023

Whitepaper

2025-12-31

Macro and market Asset allocation Portfolio construction Balance sheet iStrat Multi-asset Equity Fixed income iStrat program Article Tactical allocation

2024 Insurance Outlook: Position portfolios for the unexpected

Tim Antonelli offers two critical ideas for insurers' 2024 investment planning: doubling down on diversification and rethinking risk, including geopolitical and default risk.

By

event December 2023

Article

2024-12-31

China Equity Macro and market Distribution Market commentary China Currents Quick Take

China’s growing self-reliance could bolster its equity market

Our expert, Philip Brooks, finds reasons for optimism in China's equity market.

By

Philip A Brooks, CFA

event December 2023

Quick Take

2024-12-06

Asia China Asia tech China Currents Macro and market Market commentary Multi-asset Distribution Quick Take

Full speed ahead: China’s race to implement AI

Our experts examine market implications of China's AI expedition.

By

Yash Patodia

Terry Chen

event November 2023

Quick Take

2024-11-29

Asset allocation Emerging markets Equity iStrat EM equity China Strategic allocation Article

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.

By

event November 2023

Article

2025-11-30

China Fixed income EM debt Distribution Macro and market Market commentary China Currents Article

China fixed income: Dislocations create opportunities in this large and diverse market

Hear from our experts as they uncover new fixed income opportunities in China.

Multiple authors

event November 2023

Article

2024-11-28

Interest rates Asset allocation Monetary policy Fixed income program iStrat program Income Tactical allocation Fixed income iStrat Quick Take

You snooze, you may lose: The case for bonds

There are signs the Federal Reserve's rate-hiking cycle may be nearing an end, but some uncertainty remains. With that in mind, Multi-Asset Strategist Nanette Abuhoff Jacobson considers the timing of a move from cash to bonds.

By

Christopher Goolgasian, CFA, CPA, CAIA

event November 2023

Quick Take

2024-11-14

Volatility Asset allocation Liability-driven investing Private pension (DB) Credit Fixed income Tactical allocation LDI Alert Article

Bank downgrades: Should LDI investors be worried?

Members of our LDI team discuss the implications of recent US bank credit-rating downgrades and offer potential next steps for corporate plan sponsors.

Multiple authors

event October 2023

Article

2024-10-27

Sustainability Biodiversity Climate Public pension (DB) Private pension (DB) Distribution Multi Single Balance sheet Discretionary Union (Taft Hartley) Climate Market Neutral Climate Strategy Sustainable investing Article

Why sustainable food systems matter to investors

Our climate research expert explores insights from our joint work with Woodwell Climate Research Center on the pivotal relationship between food systems and biodiversity and highlights potential investment opportunities.

By

event October 2023

Article

2024-09-30

Income Asset allocation Multi-asset iStrat Whitepaper Strategic allocation

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.

Multiple authors

event September 2023

Whitepaper

2024-09-30

Income Volatility Multi-asset Asia advised retail Asia Diversification Article

Three themes (and what they mean) for income investors

With several macro crosscurrents at play, Portfolio Manager Peter Wilke suggests that income-oriented investors not lose sight of the “big picture” in their quest for yield.

Multiple authors

event September 2023

Article

2024-09-15

Credit Real estate Insurance Volatility Macro and market Americas USA Fixed income Quick Take

Public CRE debt — Risk, opportunity, or both?

Our experts explore the implications of the ongoing stress in the public CRE debt, or commercial mortgage-backed securities (CMBS), space for investors and analyze risks and opportunities for ratings-constrained insurers.

By

Alyssa Irving

Cory Perry, CFA

event September 2023

Quick Take

2024-09-07

Income Credit Interest rates iStrat Investment grade Fixed income Americas Inflation Fiscal policy Monetary policy Fixed income program Quick Take

Why cash won’t cut it for long: The case for bonds

Global Investment and Multi-Asset Strategist Nanette Abuhoff Jacobson and Investment Strategy Analyst Patrick Wattiau explore the relative potential benefits of bonds versus cash.

By

Patrick Wattiau

event August 2023

Quick Take

2024-08-17

Insurance Multi-asset Regulatory Balance sheet Video iStrat Multi-Asset solutions Tactical allocation Insurance Quick Takes

Insurance Quick Takes: Understanding the latest shifts in mortality and longevity

Tim Antonelli, Head of Multi-Asset Strategy – Insurance, discusses recent trends and patterns on mortality and longevity, why this topic is important for global insurers of all types and sizes today, and potential opportunities.

By

event August 2023

Video

2025-08-31

Liability-driven investing Portfolio construction Multi-asset iStrat Private pension (DB) Article Strategic allocation Liquid alternatives & hedge funds

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.

By

Jeremy Forster

event June 2023

Article

2025-06-30

Climate Macro and market iStrat Multi-asset Strategic allocation Liquid alternatives & hedge funds Tactical allocation Article

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.

Multiple authors

event June 2023

Article

2025-06-30

Multi-asset Liquid alternatives & hedge funds iStrat Strategic allocation Public pension (DB) Equity Fixed income Whitepaper Private equity

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

event May 2023

Whitepaper

2024-08-02

Climate Multi-asset iStrat Sustainable investing Whitepaper Strategic allocation Liquid alternatives & hedge funds Tactical allocation

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.

Multiple authors

event April 2023

Whitepaper

2024-04-30

Small-cap Value vs growth Asset allocation Public pension (DB) Private pension (DB) Defined contribution (DC) Equity Article Endowments & foundations

Small-cap value: Strong past, bright future?

While equity markets have had a challenging recent past, history teaches us that there may be several reasons to be optimistic about small-cap value.

Multiple authors

event January 2023

Article

2024-01-31

Japan Volatility Monetary policy Private pension (DB) Retirement Interest rates Quick Take

Could Japan face a UK-style pension crisis?

Investment Director Masahiko Loo explores the risks of Japan facing a UK-style pension crisis and identifies fundamental reasons that make Japanese pension funds inherently less vulnerable.

By

Masahiko Loo

event January 2023

Quick Take

2024-01-31

Volatility Inflation United Kingdom Defined contribution (DC) Distribution Public pension (DB) Private pension (DB) Article

After the UK sell-off: what’s next for global markets and investors?

Co-Head of Investment Strategy Natasha Brook-Walters and Head of Macro Strategy John Butler discuss the implications of the recent sell-off in UK markets for global markets and investors.

By

John Butler

event October 2022

Article

2022-12-30

Health care Innovation Global Industry Research Equity Subadvisory Discretionary Video

The next generation of pharmaceutical innovation

Rebecca Sykes explores the exciting innovations she sees in the pharmaceutical industry today, including antibody drug conjugates, gene editing, obesity treatments, and much more.

By

Rebecca Sykes, CFA

event September 2022

Video

2023-09-30

Defined contribution (DC) Business practices Education USA Retirement Article

Why collective investment trusts are gaining traction within DC plans

Growing interest in CITs within the DC space is being driven by lower fees and other benefits — a trend our DC team expects to continue.

Multiple authors

event August 2022

Article

2023-08-31

Insurance Inflation Multi-asset Interest rates Insurance Asset Allocation Outlook Whitepaper

Higher inflation, rising rates: Front and center for insurers

With macro and market complications piling up through the first few months of 2022, Insurance Multi-Asset Strategist Tim Antonelli provides his investment implications for global insurers.

By

event April 2022

Whitepaper

2022-10-15

Defined contribution (DC) Fixed income Equity Inflation Value vs growth Retirement USA Article

DC plans: Three timely themes that probably aren’t going away anytime soon

Our DC plan specialists highlight three big-picture investment themes that are not only top of mind for many plan participants in today’s environment, but are also likely to have staying power in the months ahead.

By

Kristin O’Donnell, CFA

Ryan Mullaney

event March 2022

Article

2023-03-31

Insurance Multi-asset Inflation COVID Whitepaper Credit ESG

Three transition year themes — inflation, capital, ESG

Insurance Multi-Asset Strategist Tim Antonelli believes 2022 could be a year of transition for the global insurance industry, with the three big themes of inflation, capital, and ESG likely to play prominent roles in many insurers’ strategic planning and decisions.

By