Insights

We remain bullish on risk assets given that the Hormuz war has resolved itself and oil prices have declined by even more than we expected. In addition, the macro fundamentals are not flashing any red signs. That said, we remain skeptical that the AI revolution will continue without any hiccups. In f...

S&P 500 performance rotated in June, but fundamental growth remains strong across sectors, with earnings and revenue growth extending well beyond the largest mega-cap companies....

We are increasingly being asked if higher for longer interest rates could help spur consumption by boosting interest income. This report examines household income and balance sheet data to see if they might....

The UK economy is becoming increasingly fragile, but the investment outlook is improving. Slower growth and a more dovish BoE will support gilts, while UK equities will likely benefit from a favorable sector mix and a weaker pound....

The dollar is not being replaced by a single rival, it is being diluted by a rising cast of “other” reserve currencies. This report identifies the hidden winners of reserve diversification and why they may matter more than investors think....

The US High Quality (USHQ) portfolio outperformed its benchmark through June, returning -0.50%, while its SPY benchmark returned -1.37%. On a trailing three-month basis, the USHQ portfolio’s performance was weaker than the benchmark, with USHQ underperforming by approx. 205bps....

Our Portfolio Allocation Summary for July 2026....

Beginning with this Quarterly report, The Global Asset Allocation and Private Markets teams are combining our quarterly outlooks into a single, unified framework, reflecting a more integrated approach to portfolio construction. In this joint outlook we upgrade Private Equity to overweight. Sentiment...

MacroQuant recommends underweighting equities and adopting a benchmark duration stance in fixed-income portfolios. The model is very positive on the US dollar, bearish on gold, neutral on copper, and bullish on oil....

Geopolitical risk may rotate to Russia/Ukraine in Q3, while the Middle East could reignite in Q4. ...