NEW | Overconcentration within the S&P 500 has started to break down—and that’s when small caps have tended to shine.

After more than 12 long years, the stage may finally be set for an extended upswing in small-caps. While precisely timing the next cycle is impossible, we believe some key relative indicators are worth considering.

First, small-cap valuations relative to large-caps are touching historic lows. Current levels are similar to those observed in 1973 and 2000, which coincided with the starts of the past two small-cap cycles.

Second, we are also seeing a breakdown in...

NEW | Fall-out from recent U.S. bank failures could have significant longer-term implications for the industry. Here’s why.

What do the recent failures at Silicon Valley Bank (SIVB) and Signature Bank (SBNY) mean for equity investors? Events are still fluid, but when the volatility settles, we think the banking industry could face a number of longer-term challenges—in the form of lower earnings and potentially more modest returns.

Even as European insurers pivot from equities, we still think the asset class makes sense as part of their strategic asset allocations—under certain conditions.

Recent discussions with insurers across EMEA reveal a consistent trend: They are eschewing traditional equities in favor of core fixed income assets to take advantage of rising yields and wider spreads.

This pivot isn’t surprising, perhaps: Insurers need to manage long-term asset and liability mismatches, and when faced with relatively attractive yields on investment-grade bonds, it’s reasonable they might wonder: Do public and...