The US High Quality (USHQ) portfolio outperformed its benchmark through June, returning -0.50%, while its SPY benchmark returned -1.37%. On a trailing three-month basis, the USHQ portfolio’s performance was weaker than the benchmark, with USHQ underperforming by approx. 205bps....
Beginning with this Quarterly report, The Global Asset Allocation and Private Markets teams are combining our quarterly outlooks into a single, unified framework, reflecting a more integrated approach to portfolio construction. In this joint outlook we upgrade Private Equity to overweight. Sentiment...
MacroQuant recommends underweighting equities and adopting a benchmark duration stance in fixed-income portfolios. The model is very positive on the US dollar, bearish on gold, neutral on copper, and bullish on oil....
The S&P 500 has become increasingly concentrated. We know that. But the critical question is not how many stocks are driving the market; it is how many factors are driving stocks. We define an AI risk factor to test whether AI has become the dominant common exposure throughout much of the factor zoo...
Our EM strategists view Korea’s equity tantrum as a warning for global risk assets and recommend taking profits and downgrading Korean stocks. Korea has become the most extreme expression of the global equity rally, driven by semiconductor momentum, high-beta exposure, and rampant retail speculation...
Our US Equity strategists are raising their 2026 S&P 500 target to 8100 from 7700. The increase is driven by a higher EPS forecast as the economy re-accelerates and earnings broaden beyond a narrow set of hyperscalers. The upgrade reflects a stronger-than-expected first quarter and an improving econ...
Our Geopolitical strategists see the DRC Ebola outbreak as a low-probability but high-consequence supply-chain risk. The country holds a critical position in global copper and, especially, cobalt production. Our colleagues expect the outbreak to stay contained and not morph into a global pandemic, b...
New Fed Chair Kevin Warsh wants to make Fed-watching great again. The Warsh Fed will speak less and guide less. There is, however, an important nuance to the communication changes so far. While explicit guidance was removed, some implicit guidance remains, as inflation was prioritized over employmen...
