Adam Berger

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“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

Alex King, CFA

Adam Berger, CFA

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15 min

Whitepaper

2026-11-30

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

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

Adam Berger, CFA

Michael Medeiros, CFA

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9 min

Article

2025-06-30

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

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

Adam Berger, CFA

Brian Barbetta

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7 min

Article

2025-07-31

Outlook Equity Volatility Growth Cash-driven investing Asian Opportunities Emerging Market Development China Focus Equity Asia Technology Global Innovation Global Stewards EM equity Mid-cap Small cap Large cap Thematic solutions Market commentary Tactical allocation Active management Article

Equity Market Outlook

In our Equity Market Outlook, we offer a range of fundamental, factor, and sector insights.

Multiple authors

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Article

2025-06-30

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

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

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

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4 min

Article

2025-06-30

Outlook Alternatives Hedge funds Private debt Volatility Economic cycle Private equity Article

Alternative Investment Outlook

This collection provides timely ideas across the spectrum of alternative investments -- including hedge funds, private equity, and private credit.

Multiple authors

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Article

2025-06-30

Credit Interest rates Asset allocation Fixed income Strategic allocation Top of Mind Article

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

Adam Berger, CFA

Connor Fitzgerald, CFA

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7 min

Article

2025-05-30

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

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

Adam Berger, CFA

Nataliya Kofman

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7 min

Article

2025-05-31

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

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

Adam Berger, CFA

Peter Carpi

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8 min

Article

2024-12-31

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

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

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Article

2026-02-28

Asset allocation Macro and market Multi-asset iStrat Equity Fixed income Strategic allocation Top of Mind iStrat program Article Public pension (DB)

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

Adam Berger, CFA

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Article

2025-01-31

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

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

Adam Berger, CFA

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Article

2024-12-31

Outlook Alternatives Asset allocation Asian Opportunities Climate Market Neutral Hedge funds Macro and market Tactical allocation Diversification Alternatives investing Article

Embracing uncertainty: Three alternatives ideas for a macro-driven world

Even as investors wrestle with the economic unknowns heading into 2024, Multi-Asset Strategists Nick Samouilhan and Adam Berger see opportunities to put alternative investments to work.

By

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

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Article

2024-12-31

Manager selection Asset allocation Active management Top of Mind iStrat Article Strategic allocation Multi-Asset solutions

Role, risk, and residual alpha: A framework for manager research

With many asset owners revisiting their strategic asset allocation and considering changes in their investment line-up, Director of Manager Research Kat Price and Head of Multi-Asset Strategy Adam Berger offer their views on manager selection best practices.

By

Adam Berger, CFA

Katrina Price, CAIA

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Article

2024-08-31

Fixed income Alternatives iStrat Macro hedge funds Credit Diversification Macro and market Top of Mind Article Strategic allocation Multi-Asset solutions

Time for a new playbook on bonds

Is it time to add to fixed income allocations? Multi-Asset Strategist Adam Berger and Fixed Income Strategist Amar Reganti offer their views, as well as thoughts on specific areas of opportunity.

By

Adam Berger, CFA

Amar Reganti

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Article

2024-05-31

Active management Macro and market Fundamental equity EM equity Equity Emerging markets Top of Mind Article Strategic allocation Multi-Asset solutions Alternatives iStrat

EM equities: Can they prove the doubters wrong?

Multi-Asset Strategist Adam Berger offers six reasons that EM equity performance could be much more compelling in the decade ahead, from attractive valuations to economic tailwinds to mean reversion in the US dollar.

By

Adam Berger, CFA

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Article

2024-05-31

Multi-asset Alternatives iStrat Strategic allocation Public pension (DB) Equity Fixed income Whitepaper Private equity Multi-Asset solutions

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

Adam Berger, CFA

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Whitepaper

2024-08-02

Active management Manager selection Equity Volatility iStrat Quick Take Tactical allocation Multi-Asset solutions

Win by losing? The surprising truth about long-term active management

Research shows that even the best managers have had to bounce back from periods of underperformance. For asset owners who've invested time and effort to find these managers, the data argues for cultivating a long-term mindset.

Multiple authors

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Quick Take

2024-04-30

Liquidity Multi-asset iStrat Top of Mind Article Strategic allocation Multi-Asset solutions Alternatives

The churning tides of portfolio liquidity: How to avoid being left high and dry

Markets have sent asset owners some strong reminders of the need to think about liquidity risk across a portfolio and to plan for uncertainty. To help, Multi-Asset Strategist Adam Berger proposes a framework based on the intended uses and sources of liquidity.

By

Adam Berger, CFA

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Article

2024-02-29

EM equity Portfolio construction Manager selection Emerging markets China Whitepaper Strategic allocation Multi-Asset solutions Alternatives iStrat

EM evolution: New paths in equity portfolio construction

Multi-Asset Strategist Adam Berger offers a framework for structuring EM equity portfolios, with a focus on "EM 3.0" — differentiated active strategies that have less reference to cap-weighted benchmarks and may be more diversifying in a portfolio.

Multiple authors

event

Whitepaper

2024-01-31

Volatility Private equity Top of Mind iStrat Article Strategic allocation Multi-Asset solutions

The denominator effect: Thoughts on the rise in private equity allocations

The sharp drop in public markets has left many asset owners with above-target exposure to private assets, raising a number of governance questions. Multi-Asset Strategist Adam Berger considers the likely responses and their potential pros and cons.

By

Adam Berger, CFA

event

Article

2024-02-29

Thematic exposure Portfolio construction iStrat Multi-asset Whitepaper Multi-Asset solutions Alternatives Thematic solutions Tactical allocation

Adding thematic equity investments to a multi-asset portfolio: An allocator’s handbook

Thematic investing may add a powerful return engine to portfolios, but allocators sometimes struggle with implementation decisions. Members of our Investment Strategy Team offer a framework for thinking about allocation size, strategy selection, and performance evaluation.

Multiple authors

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Whitepaper

2024-01-31

Value vs growth Equity Macro and market Top of Mind Quick Take Tactical allocation Multi-Asset solutions iStrat

Pivoting from innovation and growth to stability and value

In a more volatile world, stability may take priority over innovation, and that, explains Multi-Asset Strategist Adam Berger, would tend to favor value stocks over growth stocks.

By

Adam Berger, CFA

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Quick Take

2023-12-31

Hedge funds Private investing Outlook No Optimizely Macro and market Alternatives Private equity Article Tactical allocation Multi-Asset solutions iStrat

Opportunity in disguise: Why bad news may be good for alternatives in 2023

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how alternative investments may help allocators make tailwinds out of macro and market headwinds in the year ahead.

By

Nick Samouilhan, PhD, CFA, FRM

Adam Berger, CFA

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Article

2023-12-31

Active management iStrat Top of Mind Inflation Value vs growth Volatility Innovation Interest rates Multi-asset Article Strategic allocation Multi-Asset solutions Alternatives

Pivot points: Five portfolio positioning ideas for the new market regime

Multi-Asset Strategist Adam Berger looks at five ways in which the world may be very different in the coming decade and how they could influence the next wave of investment winners.

By

Adam Berger, CFA

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Article

2023-12-31

Outlook Alternatives Hedge funds Alternatives investing Asset allocation Manager selection Portfolio construction Volatility Fixed income Private equity Article

Mid-2022 Alternative Investments Outlook

As allocators cope with economic uncertainty and market volatility, Multi-Asset Strategist Cara Lafond explains how alternative investments could potentially play a role in improving portfolio resilience and returns.

Multiple authors

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Article

2023-08-31

USA Inflation Article Equity Fixed income Geopolitical COVID Private equity China

Ten more “what if” scenarios for 2022

In his latest Top of Mind session, Multi-Asset Strategist Adam Berger addressed a wide range of what-if scenarios on the minds of our clients. See what he has to say on Russia, China, cryptocurrencies, the IPO market, and many other topics in this brief article.

By

Adam Berger, CFA

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Article

2023-02-28

China Geopolitical Equity Active management Quick Take

Amid heightened regulation and geopolitical tension, is China still investable?

Recent regulatory announcements have sent shivers through a wide swath of China’s economy, including the technology, finance, gaming, and property sectors, and tensions between China and the US continue to simmer. But while I understand the market’s reaction to these risks, I take a long-term perspective on China’s investability.

By

Adam Berger, CFA

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Quick Take

2022-05-31

Outlook Private equity Macro and market Manager selection ESG Climate Alternatives investing Article

2022 Alternative Investment Outlook

Our 2022 Alternative Investment Outlook looks at 5 areas of focus for the coming year and explores private equity markets and ESG opportunities.

Multiple authors

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Article

2022-12-31

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