Investment Strategy

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event March 2025

8 min

Video

2026-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event March 2025

4 min

Infographic

2026-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event March 2025

6 min

Article

2026-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Macro and market Multi-asset Asset allocation Wealth Program iStrat Multi-Asset solutions Tactical allocation Monthly Asset Allocation Outlook Article

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Monthly Asset Allocation Outlook

How to reposition portfolios for an era of uncertainty? Explore the latest monthly snapshot of our Multi-Asset Team’s asset class views.

Continue reading

Multiple authors

event March 2025

4 min

Article

2026-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nanette Abuhoff Jacobson

event March 2025

4 min

Article

2026-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Portfolio strategy Strategic allocation Private investing Private Investing Program iStrat Venture capital Private equity Manager selection Article

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Sizing private-market allocations: part one

Our multi-asset experts explore three key components of sizing private market allocations, offering a framework to evaluate the capacity to take on illiquidity, the need for excess return, and the ability to consistently source 'good' investments.

Continue reading

Multiple authors

event February 2025

8 min

Article

2026-02-28

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

Ian Spencer

event February 2025

6 min

Article

2026-02-28

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Dáire Dunne, CFA

Irmak Surenkok

event January 2025

5 min

Article

2026-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Alex King, CFA

event January 2025

5 min

Article

2026-02-28

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

By

Natasha Brook-Walters

event January 2025

8 min

Article

2025-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

event January 2025

15 min

Article

2026-01-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

Ryan Randolph

event January 2025

12 min

Article

2026-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Alex King, CFA

Adam Berger, CFA

event January 2025

6 min

Article

2025-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Gregg Thomas, CFA

Megan Kelly, CFA

event December 2024

18 min

Whitepaper

2025-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event December 2024

Article

2025-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event December 2024

12 min

Article

2025-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

event December 2024

15 min

Article

2025-12-01

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event November 2024

14 min

Article

2025-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event November 2024

3 min

Article

2025-11-29

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

“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.

Continue reading

By

Alex King, CFA

Adam Berger, CFA

event November 2024

15 min

Whitepaper

2026-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event November 2024

3 min

Article

2025-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event November 2024

16 min

Whitepaper

2025-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event November 2024

Video

2025-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event October 2024

6 min

Video

2025-10-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

event October 2024

5 min

Article

2025-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event October 2024

18 min

Article

2025-10-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Equity iStrat Elections Wealth Program Thematic solutions Article Thematic exposure

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event October 2024

7 min

Article

2025-10-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event October 2024

12 min

Article

2025-10-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event September 2024

3 min

Article

2025-09-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

By

Nick Samouilhan, PhD, CFA, FRM

Alex King, CFA

event September 2024

3 min

Article

2025-09-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Supriya Menon

event September 2024

7 min

Article

2025-09-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

Jacqueline Yang, CFA

event September 2024

25 min

Whitepaper

2026-08-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event September 2024

6 min

Article

2025-09-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Elisabeth Perenick, FSA, CFA

Amy Trainor, FSA

event August 2024

9 min

Article

2025-08-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event August 2024

3 min

Video

2025-08-08

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nanette Abuhoff Jacobson

event August 2024

3 min

Article

2025-08-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

Michael Medeiros, CFA

event July 2024

9 min

Article

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

Brian Barbetta

event July 2024

7 min

Article

2025-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event July 2024

17 min

Article

2025-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

Jacqueline Yang, CFA

event July 2024

22 min

Whitepaper

2026-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

By

Nick Samouilhan, PhD, CFA, FRM

Alex King, CFA

event July 2024

3 min

Article

2025-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

By

Dáire Dunne, CFA

Aaron Koh

event July 2024

8 min

Article

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

John Mullins

event July 2024

6 min

Article

2025-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event July 2024

14 min

Article

2025-01-08

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Natasha Brook-Walters

event June 2024

8 min

Article

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

event June 2024

4 min

Article

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event June 2024

5 min

Video

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Economic cycle Interest rates Monetary policy iStrat Article Tactical allocation

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

By

Supriya Menon

Alex King, CFA

event June 2024

7 min

Article

2025-03-21

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Small-cap Factors iStrat Whitepaper

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event June 2024

18 min

Whitepaper

2026-05-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nanette Abuhoff Jacobson

Karoline Klimova

event May 2024

9 min

Article

2026-05-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

Connor Fitzgerald, CFA

event May 2024

7 min

Article

2025-05-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Campe Goodman, CFA

event May 2024

5 min

Article

2025-05-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nanette Abuhoff Jacobson

Alex King, CFA

event May 2024

5 min

Article

2025-05-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

Nataliya Kofman

event May 2024

7 min

Article

2025-05-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

Peter Carpi

event May 2024

8 min

Article

2024-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

event May 2024

3 min

Article

2025-05-06

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nick Samouilhan, PhD, CFA, FRM

event May 2024

2 min

Video

2025-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event April 2024

11 min

Article

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

4 equity themes: Budding opportunities in small caps and more

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

Continue reading

By

Andrew Heiskell

event April 2024

3 min

Article

2025-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event April 2024

3 min

Article

2025-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

Multiple authors

event April 2024

11 min

Article

2025-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

Multiple authors

event April 2024

11 min

Article

2025-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event April 2024

17 min

Article

2025-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

Multiple authors

event April 2024

Article

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event March 2024

Video

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event March 2024

Whitepaper

2026-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tom Simon, CFA, FRM

Amy Trainor, FSA

event March 2024

Article

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Small-cap Macro and market Asset allocation iStrat program Equity iStrat Quick Take Tactical allocation

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Time for small caps to shine?

Multi-Asset Strategist Nanette Abuhoff Jacobson sees reasons to believe there may be brighter days ahead for US small-cap stocks, including the economic outlook, valuations, and market inefficiencies.

Continue reading

By

Nanette Abuhoff Jacobson

event March 2024

Quick Take

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event March 2024

Article

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Diversification Fixed income Inflation Tactical allocation iStrat program Article iStrat

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event March 2024

7 min

Article

2025-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event March 2024

12 min

Article

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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? 

Continue reading

Multiple authors

event March 2024

5 min

Article

2025-03-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

By

John Mullins

event March 2024

Article

2025-02-23

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

Multiple authors

event February 2024

Article

2026-02-28

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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?

Continue reading

Multiple authors

event February 2024

Article

2025-02-28

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

event January 2024

Article

2025-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Continue reading

Multiple authors

event January 2024

Article

2024-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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? 

Continue reading

By

Natasha Brook-Walters

event January 2024

Article

2025-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Liability-driven investing Asset allocation Regulatory iStrat program Multi-asset Private pension (DB) Article iStrat Tactical allocation

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Corporate pension trends and topics: What’s top of mind for 2024?

Members of our LDI Team address a range of topics that US corporate plans will be thinking about in the coming year, from pension funding and accounting issues to portfolio diversification opportunities.

Continue reading

By

Amy Trainor, FSA

Ryan Randolph

event January 2024

Article

2025-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

Multiple authors

event January 2024

Article

2026-01-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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. 

Continue reading

By

Simon Henry, CFA

Dáire Dunne, CFA

event December 2023

Article

2024-12-15

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

event December 2023

Article

2024-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Jacqueline Yang, CFA

Nick Samouilhan, PhD, CFA, FRM

event December 2023

Whitepaper

2025-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Alex King, CFA

Supriya Menon

event November 2023

Article

2025-11-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Asset allocation Liability-driven investing Regulatory iStrat program Strategic allocation Multi-asset Private pension (DB) Public pension (DB) Whitepaper iStrat

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Setting ROAs for 2024: 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.

Continue reading

Multiple authors

event November 2023

Whitepaper

2024-12-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nanette Abuhoff Jacobson

event November 2023

Quick Take

2024-11-14

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Income Asset allocation Multi-asset iStrat Whitepaper Strategic allocation

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event September 2023

Whitepaper

2024-09-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Nanette Abuhoff Jacobson

Patrick Wattiau

event August 2023

Quick Take

2024-08-17

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event August 2023

Video

2025-08-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Multi-asset Volatility iStrat Risk management Tactical allocation Asset allocation Article Economic cycle Insurance Asset Allocation Outlook Balance sheet Insurance

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Core fixed income: Stop me if you’ve heard this one before

Head of Multi-Asset Strategy – Insurance and Portfolio Manager Tim Antonelli updates insurers on the status of the market today, shares what he believes they can expect for the rest of the year, and identifies areas that may be worth a closer look.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event July 2023

Article

2024-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Outlook Portfolio strategy Equity iStrat Emerging Market Development Multi-asset Macro and market Article Thematic exposure Tactical allocation

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

How a thematic approach can help harness change within portfolios

Multi-Asset Strategist Supriya Menon and Investment Director Andrew Sharp-Paul discuss why a thematic approach can help harness change within portfolios against a structurally different macroeconomic backdrop.

Continue reading

By

Supriya Menon

Andrew Sharp-Paul

event July 2023

Article

2024-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Outlook Portfolio construction iStrat Multi-asset Portfolio strategy Article Tactical allocation

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

How to weather the storm: A roadmap for more resilient portfolios

As we face a new era of elevated market and cycle volatility, Co-Head of Investment Strategy Natasha Brook-Walters assesses how asset owners can ensure that their portfolios are up for the challenge.

Continue reading

By

Natasha Brook-Walters

event July 2023

Article

2024-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Multi-asset iStrat Tactical allocation Asset allocation Article Macro and market Outlook Quarterly Asset Allocation Outlook

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Multi-Asset Outlook: A recession is looming…or is it?

The economy has largely shrugged off the banking crisis and other concerns this year, while riding positive sentiment driven by AI enthusiasm and a possible soft landing. Members of our Investment Strategy team offer their macro and market outlook for the second half of the year, including their latest views on equities, bonds, and commodities.

Continue reading

Multiple authors

event July 2023

Article

2024-07-31

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Thematic exposure Artificial intelligence (AI) Machine learning iStrat Equity Innovation Article Thematic solutions

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Thematic investing focus: Cloud-backed AI and enterprise intelligence

Cloud-based computing and artificial intelligence are transforming the way enterprises operate, creating what we believe will be a secular tailwind for companies providing software, machine learning tools, and cybersecurity. 

Continue reading

By

Jeff Wantman

Aaron Koh

event July 2023

Article

2024-07-03

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Liability-driven investing Credit Macro and market Private pension (DB) Fixed income LDI Alert Article Tactical allocation Multi-Asset solutions iStrat

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Keep your spread and earn on it too? The case for intermediate credit

Amid heightened volatility and an uncertain macro environment, members of our LDI Team see opportunity for corporate plans in the intermediate credit market.

Continue reading

Multiple authors

event June 2023

Article

2024-06-27

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Amy Trainor, FSA

Jeremy Forster

event June 2023

Article

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event June 2023

Article

2025-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Outlook Liquid alternatives & hedge funds Hedge funds Private credit Alternatives investing Article Tactical allocation Multi-Asset solutions iStrat

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Focus on what you can control: Five alternative investment ideas for an uncertain world

Multi-Asset Strategists Nick Samouilhan and Adam Berger explain how a variety of alternative investments, including select hedge funds and private credit, could help allocators reduce the importance of the economic cycle to their portfolio results.

Continue reading

By

Adam Berger, CFA

Nick Samouilhan, PhD, CFA, FRM

event June 2023

Article

2024-06-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Inflation Portfolio construction Multi-asset iStrat Quick Take Strategic allocation Multi-Asset solutions Liquid alternatives & hedge funds

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Is the structural case for inflation still intact?

Even if inflation cools in the coming months, members of our Investment Strategy team expect it to be "stickier" over the long term. Find out how that might impact asset allocation decisions.

Continue reading

By

Alex King, CFA

Nick Samouilhan, PhD, CFA, FRM

event May 2023

Quick Take

2024-05-29

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

By

Adam Berger, CFA

event May 2023

Whitepaper

2024-08-02

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Portfolio construction Risk management Multi-asset iStrat Whitepaper Strategic allocation Multi-Asset solutions Liquid alternatives & hedge funds

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

The alpha equation: Balancing active risk sources in multi-asset portfolios

Members of our iStrat Team share their research on the process of deciding how much active risk to take at the asset class and security levels in pursuit of alpha objectives. They also offer a step-by-step framework for implementing the research findings.

Continue reading

By

Alex King, CFA

Nick Samouilhan, PhD, CFA, FRM

event May 2023

Whitepaper

2024-05-04

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Insurance Asset Allocation Outlook Insurance Balance sheet iStrat Multi-asset Equity Fixed income Commodities Liquid alternatives & hedge funds Whitepaper Tactical allocation Multi-Asset solutions

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Today’s sweet spot for yield, the growing role of alts

Insurance Multi-Asset Strategist Tim Antonelli provides his latest multi-asset views for insurers, with an emphasis on the value of core fixed income in today's environment.

Continue reading

By

Tim Antonelli, CAIA, CFA, FRM, SCR

event May 2023

Whitepaper

2024-05-02

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event April 2023

Quick Take

2024-04-20

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

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.

Continue reading

Multiple authors

event April 2023

Whitepaper

2024-04-13

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Volatility iStrat Risk management Quick Take Factors Factor solutions Bank liquidity

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Lessons from 2008: Stress testing portfolios in today’s market

While very different from 2008, the current market environment makes a strong case for portfolio stress testing. Gregg Thomas, Co-Head of Investment Strategy, offers suggestions for improving the process, including assessing factor positioning and reducing recency bias.

Continue reading

By

Gregg Thomas, CFA

event April 2023

Quick Take

2024-04-12

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Climate Liquid alternatives & hedge funds iStrat Strategic allocation Quick Take Equity Portfolio construction Sustainable investing

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Adapting our capital market assumptions to the realities of climate risk

How will asset prices be affected by climate risk? Members of our Investment Strategy team explain how they're seeking to answer that question with their new climate-aware capital market assumptions.

Continue reading

By

Ben Cooper, CFA

Patrick Wattiau

event April 2023

Quick Take

2024-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Multi-asset Climate Inflation Liquid alternatives & hedge funds iStrat Strategic allocation Article Sustainable investing

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Integrating climate change into capital market assumptions: our approach and findings

Members of our Investment Strategy team explain how they are incorporating climate-related inputs, including physical and transition risks, into their capital market assumptions and outline the impact of these changes at the asset-class level.

Continue reading

Multiple authors

event April 2023

Article

2024-04-03

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Asia Macro and market Volatility Asia tech Inflation Interest rates Thematic exposure Private companies Fixed income Liquid alternatives & hedge funds Equity Event replay Tactical allocation Multi-Asset solutions iStrat

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

2023 Asia Pacific Investment Forum: Restrategise for an altered macro regime

At our 2023 Asia Pacific Investment Forum, a multidisciplinary group of Wellington’s specialists shared their unique perspectives on how to re-strategise for 2023 and beyond.

Continue reading

Multiple authors

event March 2023

Event replay

2024-03-24

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Multi-asset Liquid alternatives & hedge funds iStrat Strategic allocation Retirement Article Defined contribution (DC) Income

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.

Demystifying decumulation: A practical guide

Investors seeking a sound decumulation strategy must consider a host of variables, including risks that weren't on the radar when they were accumulating assets.

Continue reading

Multiple authors

event May 2022

Article

2023-04-30

Archived info

Archived pieces remain available on the site. Please consider the publish date while reading these older pieces.