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CIO Weekly Perspectives | December 22, 2025
Equities: Stay Invested, Stay Diversified
Looking back over the past year and ahead to 2026, it feels especially relevant to re-emphasize the importance of staying invested and diversified.
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CIO Weekly Perspectives | December 15, 2025
U.S. Rates: How Low Can They Go?
A more dovish rate cut than anticipated by the U.S. Federal Reserve has created an interesting setup for fixed income markets next year. The focus on its independence adds another dimension.
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Article | December 10, 2025
Assessing COP30: Progress and Retreat
With the events in Belém, Brazil now concluded—defined by on the ground tensions, strong indigenous voices, and the notable absence of a formal climate delegation from the world’s second largest carbon emitter—we step back and take stock of COP30.
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CIO Weekly Perspectives | December 08, 2025
Could Growth and Markets Fly?
Irrespective of whether the Federal Reserve cuts rates this week, we expect rates to fall, stimulating a reacceleration in the economy and supporting the prospects for risk assets.
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CIO Weekly Perspectives | December 01, 2025
AI Capex: It’s Not All or Nothing
Recent AI-related volatility across risk markets mixes signal with noise. The more important task is to recognize that we are in a multiyear buildout and to invest with that sequencing in mind.
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White Paper | November 20, 2025
How Banks and Private Markets Are Redefining Credit
The U.S. banking industry is entering a new era in which regulated banks and private lenders are increasingly intertwined. We believe this trend will continue to open attractive opportunities for dynamic allocation across the credit spectrum.
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Article | November 19, 2025
Q4 2025 Private Markets Outlook: In an Inflection Year, Selection Matters More
Private markets appear to be nearing an inflection point, presenting both new opportunities and risks. We believe that’s when manager selection matters most.
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CIO Weekly Perspectives | November 17, 2025
Political and Policy Volatility on the Rise
Recent elections in the U.S. and dynamics in Europe highlight rising political volatility and the potential for divergent policy shifts. Investors should prepare for further turbulence ahead.
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CIO Weekly Perspectives | November 10, 2025
COP30: Bringing Private Capital and AI Into the Climate Fight
Private capital is expected to play a critical role in mobilizing $1.3 trillion of finance needed to fight climate change. AI, if properly aligned with climate goals, could be powerful in building vital resilience.
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CIO Weekly Perspectives | October 13, 2025
AI: Boom? Bust? Or Both?
Amid the AI frenzy are some early signs of the technology’s positive impact on productivity, raising profound implications for growth, inflation, labor markets, and asset prices.
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CIO Weekly Perspectives | September 22, 2025
Central Banks Struggle to Regain the Rates Narrative
Major central banks’ unconvincing mix of policy cuts and pauses last week shows they are struggling to regain the global rates narrative. Amid the uncertainty, relative value opportunities are emerging.
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Article | August 25, 2025
The Coming Slowdown in Growth and Liquidity: What It Means For Investors in 2H 2025
We believe twin slowdowns in economic growth and global liquidity could weigh on various risk assets in the second half of 2025.
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CIO Weekly Perspectives | August 25, 2025
The Power of Embracing Competing Ideas
This year’s recommendation for vacation reading is a fascinating exploration of the sources of rising political polarization in the U.S. and how it can be addressed.
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CIO Weekly Perspectives | August 18, 2025
Equities: All Eyes on the Fed
Political pressure, changing personnel and a complex mix of macroeconomic data in recent weeks have renewed the focus on the Federal Reserve and its policy direction.
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Article | August 06, 2025
Decoding Key Signals in the Relative Prices of Precious Metals
We believe the interplay among the prices of precious metals has important implications for constructing resilient, full-cycle commodity portfolios.
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CIO Weekly Perspectives | August 04, 2025
Fitting the Puzzle Pieces Together
A pivotal week for economic data, earnings, trade and tariffs has provided support for our constructive medium-term view on the fundamentals of risk markets, although the second half of 2025 will pose challenges with some anticipated softening in the economy and lingering uncertainties around inflation, policy and geopolitical risk.
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CIO Weekly Perspectives | July 28, 2025
Japan: Opportunity Trumps Politics
The U.S. trade deal will further support improving economic fundamentals in Japan, which underpin our constructive equity positioning on the country. Recent political developments and volatility in the government bond market are unlikely to change our long-held view.
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Article | June 23, 2025
Middle East Conflict: From Diplomacy to Disruption
U.S. strikes in Iran have escalated the conflict. What should investors watch for next?
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Article | May 30, 2025
Confusing Correlations: What’s Really Behind Them?
In recent weeks we’ve witnessed extreme correlations among asset classes. Are they heralding a structural shift that requires meaningful asset allocation adjustments, or should long-term investors stay the course within their portfolios?
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CIO Weekly Perspectives | May 26, 2025
Trump/Powell: The Two Poles of Policymaking
The Fed’s processes are designed to minimize the cost of capital while the president’s tactics seem to be raising it—who’s right and who’s wrong?
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CIO Weekly Perspectives | May 20, 2025
From Liberation Day to Independence Day
Business confidence needs to improve to restart U.S. investment and growth—could the forthcoming tax bill provide the impetus?
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CIO Weekly Perspectives | May 11, 2025
Dollar in the Doldrums
Why there has been no bounce-back by the greenback, and what that implies for asset allocation.
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CIO Weekly Perspectives | May 05, 2025
The End of American Exceptionalism?
The rest of the world is due some cyclical catch-up with the U.S., but talk of a structural change in the global economic ecosystem is premature.
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CIO Weekly Perspectives | April 27, 2025
Default Not in Our Stars
We don’t think tariffs will cause a major spike in high-yield and loan defaults, and that means current spreads and yields look attractive.
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CIO Weekly Perspectives | April 20, 2025
Buried Treasuries
Why U.S. government bonds had a scare, what calmed them down, and what all that suggests for the next few months.
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Article | April 16, 2025
Potential Impact of U.S. Tariffs: Private Equity Manager Perspectives
We surveyed our deep network of private equity managers for insights on the impacts of President Trump’s tariff announcement.
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CIO Weekly Perspectives | April 07, 2025
Trade War, or Will Cooler Heads Prevail?
Negotiation or retaliation—the world’s response to the surprisingly aggressive U.S. tariff announcements will be critical.
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CIO Weekly Perspectives | March 30, 2025
It’s ‘Show Me’ Time
Seventy days into the new U.S. administration, we are beginning to accrue enough hard data to correct or confirm the pessimism of recent soft data.
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CIO Weekly Perspectives | March 25, 2025
“Wait and Worry” or “Wait and See”?
U.S. consumers aren’t happy, but U.S. executives don’t share their gloom.
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CIO Weekly Perspectives | March 17, 2025
European Renaissance
A broadening of equity market performance beyond U.S. mega-caps was one of our key themes for 2025—right now, Europe is where it is playing out most notably.
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CIO Weekly Perspectives | March 10, 2025
Mr. Trump Goes to Washington
The new U.S. administration has promised many pro-growth policies, but can those ambitions survive the disruptive measures of its early months?
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CIO Weekly Perspectives | March 04, 2025
Germany’s Game-Changing Election
The country’s politics are getting a boost of uncharacteristic urgency from coming Chancellor Friedrich Merz, with even the constitutional “debt brake” up for grabs.
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CIO Weekly Perspectives | February 24, 2025
Antitrust Angst
Does the retention of the Biden-era M&A guidelines raise more doubts about the new U.S. administration’s pro-business agenda?
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CIO Weekly Perspectives | February 16, 2025
A Growth Mindset
For more than two years, inflation news was the prime mover of market prices; we think last week confirmed that a new dynamic is in play.
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CIO Weekly Perspectives | February 10, 2025
The Tariff Man Cometh…and Go-eth?
Are these levies just a negotiating tool, or an unorthodox revenue-raising scheme? The answer could determine how seriously investors should view them.
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Disruptive Forces in Investing | January 28, 2025
Fixed Income Moves in 2025
(23:42) CIO and Global Head of Fixed Income, Ashok Bhatia, discusses rates, inflation and policy with host Anu Rajakumar and how these forces could impact Fixed Income in 2025.
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CIO Weekly Perspectives | January 26, 2025
Are We Any Clearer About Trump 2.0?
Were 26 executive orders enough to convey the new administration’s direction and resolve the uncertainties in our outlook?
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CIO Weekly Perspectives | January 20, 2025
A Choppy Start to a Year of Uncertainties
The first two weeks of 2025 perfectly illustrate why we see a wide dispersion of potential outcomes for the year, and advocate staying nimble and diversified.
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Article | January 17, 2025
Navigating the Tides of Political Transition
As a new administration takes the helm, we believe investors should stay focused on the economic metrics, not political theatrics.
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CIO Weekly Perspectives | January 13, 2025
Growth, Inflation and Equity Markets
We anticipate a supportive U.S. growth and inflation environment in 2025, but equity investors may not benefit from it by simply tracking the S&P 500 Index.
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Disruptive Forces in Investing | December 17, 2024
Solving for 2025
(27:00) With specialized insights into growth drivers, equity market shifts, and bond market opportunities, we dive into our 2025 outlook, Solving for 2025.
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Article | December 11, 2024
Navigating the Health Care Industry in Trump’s Second Term
Significant policy proposals could be in store, along with a more business-friendly approach.
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Article | December 09, 2024
Emerging Markets Debt Under Trump 2.0
EMD has been more resilient after November’s election than it was after the 2016 result—so, what has changed, and will this resilience last?
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CIO Weekly Perspectives | December 08, 2024
Fiscal to the Fore
How the budget battles in France, Germany and even South Korea fit with our fiscally focused investment themes for the year ahead.
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CIO Weekly Perspectives | December 01, 2024
COP29: Show Me the Money!
Islands of agreement cannot disguise a rising sea of disappointment, piling pressure on COP30 to restore a spirit of multilateralism.
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CIO Weekly Perspectives | November 24, 2024
The Dollar and the Euro: On a Path to Parity?
Why we think it could take longer than expected, with better entry points still to come.
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CIO Weekly Perspectives | November 18, 2024
Back to Business
After a year of tumultuous elections, investors can now refocus on company fundamentals—and the outlook is more nuanced than it might seem.
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CIO Weekly Perspectives | November 10, 2024
Post-Election Vibes, New Year Realities
The rush into risk assets could last through the end of the year, but thereafter the outlook becomes more complicated.
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CIO Weekly Perspectives | November 04, 2024
An Investor's Election Survival Guide
Brace for this week’s uncertainties rather than trying to trade them, and stay focused on the better-known headwinds and tailwinds in the longer-term outlook.
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CIO Weekly Perspectives | October 27, 2024
Beware of Buying the Dip in Bonds
Government bonds have sold off rapidly; here’s why we don’t think it’s time to buy back in.
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Asset Allocation Committee Outlook​​ | October 17, 2024
Rates Relief or Slowdown Uncertainty?
Our outlook for lower rates and a soft landing favors U.S. small caps, and we are watching China’s new stimulus closely for its impact on global cyclical assets.
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CIO Weekly Perspectives | October 13, 2024
What Is the Opposite of Confirmation Bias?
Many investors say they anticipate a soft landing for the U.S., but market swings suggest they are seizing on any excuse to position against that thesis.
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Article | October 10, 2024
The 2024 Election: Navigating Potential Financial Sector Shifts
We believe the outcome of the US presidential election could alter fundamental dynamics across the financial sector: Banking regulation, crypto, private equity, insurance—all stand to be shaped by the winner in November. Here is a look at some key areas and, in our view, the potential implications for investors.
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Disruptive Forces in Investing | October 09, 2024
Private Debt: The Appeal, The Fears & The Facts
(22:21) Whether you are a seasoned investor or new to the world of Private Debt, this episode offers valuable perspectives on navigating the dynamic asset class.
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CIO Weekly Perspectives | October 07, 2024
Amplified Volatility Leads to Muted Bets
To get through the current environment, we think it is important not to chase the markets, but to let them come to you.
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CIO Weekly Perspectives | October 01, 2024
CLOs Go Mainstream
Rates are on their way down—so why are investors lining up for these floating-rate securities?
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CIO Weekly Perspectives | September 22, 2024
The Fed “Recalibrates” to Buy Some Insurance
Rate-cutting cycles have tended to favor risk assets, so it was gratifying to see the central bank get started with a meaningful move.
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Article | September 19, 2024
Returning to REITs
As inflation declines and interest rates are cut, the future may be brightening for one of the most beaten-down U.S. equity sectors.
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CIO Weekly Perspectives | September 16, 2024
The Fifth Stage of Pocketbook Grief
Economic data has been resilient, but everyone seems unhappy—will the consumer cheer up in time to avoid triggering a recession?
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Disruptive Forces in Investing | September 11, 2024
Amid the Volatility: What Are Investors’ Best Options?
(22:19) What are investors Options? Sitting down with Derek Devens, Senior Portfolio Manager of the Neuberger Berman Options Group to discuss this fearless sector.
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Article | September 10, 2024
The U.S. Election and Energy: More Than Meets the Eye
The presidential candidates have well-known policy profiles on energy, but how could they translate in the real world?
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CIO Weekly Perspectives | September 01, 2024
Why Japan Bounced Back
A huge market shock and a prime Minister heading for the exit—does any of what happened in August affect the long-term investment story for Japan?
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Article | August 29, 2024
Basel III Endgame and the “Reg Cap” Opportunity
Tighter bank capital regulation looks set to make U.S. banks adopt a risk-transfer practice that has long been common in Europe—and attractive to investors.
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CIO Weekly Perspectives | August 25, 2024
Municipal Fixed Income: Shelter From the Storm?
Technical factors and market volatility are creating a value opportunity in the U.S. municipal market.
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CIO Weekly Perspectives | August 16, 2024
It’s Hard to Relax
It’s time for a well-deserved, late-summer breather, yet geopolitical tensions continue to mount.
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CIO Weekly Perspectives | August 11, 2024
Carried Away
The most important trigger for the recent equity sell-off wasn’t the U.S. jobs data, or the Fed, or even mega-cap tech earnings, but the Bank of Japan.
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Disruptive Forces in Investing | August 07, 2024
Elections, Equities and the Economy
(19:30) Does it matter if elections are close?
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CIO Weekly Perspectives | August 04, 2024
Innovation, Conflict and a Mysterious Disappearance
This year’s recommendation for vacation reading is a fascinating page-turner about one of the early 20th century’s most influential inventors.
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Article | July 31, 2024
U.S. Election: The Policy Choice
Putting rhetoric and personality (mostly) aside, we explore key policy differences—and similarities—between the political combatants.
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CIO Weekly Perspectives | July 21, 2024
A Change in Leadership?
As Biden withdraws, we are seeing an historic rotation into small-cap stocks and a growing opinion-polling lead for Donald Trump—are the two things related?
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Article | July 17, 2024
U.S. Election: Near-Term Turbulence, Long-Term Questions
A close election could see increased U.S. equity volatility followed by a relief rally, while resulting policy impacts could take time to play out and may be affected by fiscal constraints.
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Fixed Income Investment Outlook​ | July 16, 2024
Widening Differences, New Opportunities
Monetary changes and economic stresses are starting to drive diverging fundamentals across fixed income markets, reinforcing the value of security selection.
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Asset Allocation Committee Outlook​​ | July 16, 2024
Policy and Politics
The first-quarter inflation bump is behind us, but we believe the risks of monetary policy errors and electoral surprises have risen.
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Video | July 15, 2024
Private Equity and the Polls
Have U.S. elections had any effect on private equity performance?
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CIO Weekly Perspectives | July 15, 2024
High-Vol Politics, Low-Vol Markets
Are markets calm because of electoral unpredictability, rather than despite it?
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CIO Weekly Perspectives | July 07, 2024
To Understand the Macro, Study the Micro
Right now, second-quarter earnings reports may be a better guide to the economic outlook than official statistics.
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Article | July 02, 2024
Policy and Politics
The first-quarter inflation bump is behind us, but the risks of a monetary policy error and electoral shocks have risen.
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White Paper | June 24, 2024
Private Equity and the Polls
Have U.S. elections had any effect on private equity performance?
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CIO Weekly Perspectives | June 23, 2024
Preparing for Rising Volatility
The second half of 2024 could see the current, localized election-related volatility go global.
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CIO Weekly Perspectives | June 16, 2024
Un Pas à Droite?
Midway through a record-breaking year for elections, we have just been given another—and it is potentially among the most important.
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Article | June 07, 2024
Are U.S. and European Bonds About to Break Ranks?
The two markets have marched in lockstep for several months, setting up the potential for attractive relative-value and dispersion trades.
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Article | June 05, 2024
China Takes It Slow
The world may want higher growth, but Chinese policymakers are employing a balanced approach.
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Disruptive Forces in Investing | June 05, 2024
Consumer Dynamics Amid the Credit Crunch
(22:53) How are current consumers and companies alike navigating the current, seemingly uneasy, economic environment as it relates to credit markets?
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CIO Weekly Perspectives | May 26, 2024
Re-Rating Financials
A year after the mini-banking crisis, we see the normalizing interest rate and yield backdrop generating tailwinds behind the Financials sector.
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Disruptive Forces in Investing | May 21, 2024
The Wonders of Japan’s Economy
(19:03) As things are looking brighter for Japan’s economy, what opportunities could be in store?
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CIO Weekly Perspectives | May 19, 2024
The Structural Trends, Whoever Wins
Positioning for geopolitical shocks or election results is difficult, but we think the resulting structural trends are easier to identify and prepare for.
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CIO Weekly Perspectives | May 12, 2024
Do We Now Need to Worry About Stagflation?
We believe high nominal growth, peak rates and broadening earnings performance continue to underpin equity market performance.
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Article | May 09, 2024
Can India Keep Up the Pace?
Perspectives on the India success story and where it can go from here.
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CIO Weekly Perspectives | May 05, 2024
The Coming Wave of Homebuyers
How higher rates for longer could be positive for U.S. consumption.
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Article | May 01, 2024
U.S. Election: Age, Cash and Conflict
A political observer gives Joe Biden the edge, but thinks plenty could happen before November.
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CIO Weekly Perspectives | April 28, 2024
An Ocean of Difference
‘Copy and paste’ your U.S. inflation outlook onto Europe and you may miss the opportunity in core European bonds.
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CIO Weekly Perspectives | April 22, 2024
Hot Commodities
We think the asset class stands to benefit from our base scenario, while having the potential to outperform and act as a hedge should tail risks be realized.
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Asset Allocation Committee Outlook​​ | April 17, 2024
Breadth and Balance
The economic outlook may have improved, but we believe large parts of the credit and equity markets are fully valued.
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CIO Weekly Perspectives | April 15, 2024
Stay Focused on Earnings
Should a sticky inflation release cause investors to revise their outlook for equities?
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Equity Market Outlook​ | April 10, 2024
Extreme Distortions Everywhere: A Moment for Active Management
Powerful investment themes, such as AI, can capture the market’s collective imagination and we believe can create opportunities for tremendous wealth. Taken to an extreme, however, they can also trigger distortions across and within the markets.
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Disruptive Forces in Investing | April 09, 2024
Make Your Money Move
(16:10) With interest rates peaking, geopolitical uncertainty and the allure of cash savings diminishing, navigating investment opportunities can be a challenge. Is now the right time to make your money move?
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Fixed Income Investment Outlook​ | April 09, 2024
A Winding, Downward Path
While inflation remains a stubborn issue, the softening economy suggests that developed-market monetary easing could start sometime this year.
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Article | April 08, 2024
Breadth and Balance
The economic outlook may have improved, but large parts of the credit and equity markets are fully valued.
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CIO Weekly Perspectives | April 07, 2024
Broaden Your Investment Horizons
It may be time to look beyond the U.S. for equity market performance, especially if early signs of a cyclical economic recovery persist.
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