Private debt is increasingly valued for its potential to help insurers operationally and strategically: support liability matching, improve portfolio design, diversify underlying exposures and, when underwritten well, add resilient excess return.

For investors using direct-indexed equity strategies, tax-loss harvesting becomes a major focus, as it may help improve after-tax returns—but we think the calendar for tax-loss selling can make a big difference. Weekly tax-loss harvesting, in our view, offers the potential for more efficient tax-loss harvesting and more effective index tracking in turbulent markets.

Investors are often drawn to healthcare for its innovation and long-term growth potential. Yet in practice, allocations are often concentrated in a few large pharmaceutical companies, whether through direct stock picking or index weightings.

As economies become increasingly electrified and power demand grows, the transmission, storage and infrastructure needed to support reliable electricity delivery are evolving. In our view, these trends are creating attractive opportunities across the technologies and infrastructure that underpin the energy transition.

Global equities rebounded in the second quarter as confidence in the AI investment cycle strengthened. As the third quarter begins, we believe markets have become priced for a smooth and profitable AI build-out, leaving little margin for error. June’s sharp sell-off in the Magnificent Seven stocks underscored how quickly sentiment can shift when crowded AI trades are priced for near-flawless execution.

The S&P 500’s recent advance is masking a more dynamic story for US equity investors. Market winners remain confined to a tight clique of AI-related technology stocks, yet more companies are showing attractive fundamentals. For active equity investors, we believe this points to a more diversified and differentiated opportunity set ahead.

The war in Iran has delivered an oil shock into a bond market that had not fully shaken inflation pressures. Higher energy prices have revived concerns about the path of inflation just as central banks were edging toward rate cuts, forcing a reassessment of what investors require to hold long-term bonds. That reassessment is now playing out in higher long-term yields and steeper yield curves globally.

AI-related disruption, asset valuations and borrower stress have put private credit under a microscope lately. Is this a market facing its first major test after a decade of rapid growth? If it is, we expect it to pass comfortably.

Markets weathered turmoil in the first half, helped by solid earnings with signs of broadening beyond a few AI beneficiaries. If the war in Iran eases, oil prices could normalize, reducing inflation pressure. Still, growth, inflation and policy risks may be underestimated.

Insurance investors face a broader opportunity set than ever across public and private credit—from corporate lending to asset-based finance. But those investments come in many forms. In our view, a all-encompassing approach can better assess relative value, pivot to new avenues and align investments with portfolio, liability and regulatory considerations.

AI infrastructure spending is driving record equity market raisings and has lifted expectations for long-term GDP growth in the US. But what will happen to growth when the AI capex surge has peaked? Today’s elevated long-bond yields suggest that the market expects AI-related productivity gains to support faster growth over the longer term.

Transformative new technologies and geopolitical tensions have become powerful disruptive forces, redefining business models, global supply chains and the economy. These seismic shifts are upending competitive dynamics across industries and drawing trillions of dollars in capital flows that we believe are reshaping the sources of long-term equity returns.

Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on. Warsh seems likely to make structural changes that may not impact near-term monetary policy but could matter much more to the US economy over the long run.

It’s easy to understand why investors are skeptical about value stocks. After nearly two decades of chronic weakness, value’s strong rebound since early 2025 hasn’t offered enough proof that the turnaround has staying power.

Kevin Warsh, the newly appointed Federal Reserve chair, led his first committee meeting in June. The decision to leave short-term interest rates unchanged didn’t surprise anybody, but there was plenty for markets to chew on.

For insurers, fixed income remains the foundation of portfolio strategy. But while public markets have long provided unrivaled sourcing capacity and liquidity, the definition of “core” is widening.

As expected, the European Central Bank (ECB) raised its three key interest rates by 25 basis points (bps) on June 11, responding to the energy shock from the Iran war. Inflation was revised higher for 2026 and 2027, and it is expected to fall to target in 2028. Although we expect one more hike, the timing is uncertain as the ECB is keeping all options open—including the possibility of not raising rates again.

Since early 2025, value stocks have enjoyed a strong run, defying market volatility driven by trade tensions, geopolitical stress and macroeconomic uncertainty. That resilience may seem counterintuitive given value’s historically cyclical profile. Yet, we believe the underlying characteristics of value stocks are proving particularly well suited to today’s evolving market landscape.

Many advisors deliver capital markets commentary as if the goal were simply to explain what’s happening. They assemble charts, cite data, summarize headlines and hope the client will draw the “right” conclusion.

The war in Iran is putting pressure on airlines. Higher jet fuel prices are cutting into profit margins, and the risk of a prolonged conflict may reduce travel demand in Europe and Asia. But for lessors, these gathering clouds may come with a silver lining.

In the first phase of the generative AI boom, the winning strategy was straightforward: own the physical bottleneck. Alphabet’s plan announced this week to raise $80 billion suggests that the next phase may hinge on something else—the ability to finance AI capacity at scale without undermining returns.

Climate change has become a defining force in geopolitics. As governments respond to record heat waves, floods, wildfires and droughts, their policies and economic posturing are reshaping manufacturing, trade and energy security across the capital markets.

Private markets have become integral to modern portfolios, with many investors searching for higher returns and diversification, including from public markets. But recent fund redemptions have reinforced that illiquidity isn’t theoretical, raising questions about the benefits of giving up liquidity. We see several—but investors must understand the trade-offs.

Artificial intelligence (AI) poses many ethical issues that may translate into risks for consumers, companies and investors. AI regulation, which is developing unevenly across jurisdictions, adds to the uncertainty. The key for investors, in our view, is to focus on transparency and explainability.

Equity investors are facing monumental questions about their allocation strategies in a new market regime. Market concentration has risen sharply, valuations have climbed to record highs in parts of the market and factor volatility has dominated returns.

US growth stocks underperformed in early 2026 amid AI disruption fears and an unresolved conflict in the Middle East. But these stresses could create favorable conditions for selective, diversified investors to unlock long-term growth potential in a rotating market.

Chasing performance by deviating from a benchmark has long been the hallmark of active managers. But it may be time for a rethink. Our research suggests that investors allocating to core equities should consider refreshing the criteria they use to identify portfolio managers that can consistently beat their benchmarks.

For private equity firms, capital flexibility is prized today. Merger-and-acquisition (M&A) activity has cooled, while commodity prices and artificial intelligence (AI)-driven disruption have heated up, creating uncertainty for investors. This makes it more challenging to sell portfolio companies, so private equity firms are holding investments longer. As a result, many firms are turning to net asset value (NAV) loans for capital needs.

Emerging markets (EM) are using low-cost renewables to cut fuel imports, stabilize power costs and improve energy security—positioning EM as the growth engine of the energy transition. Countries and companies that leverage their dominance in critical minerals and green technology could pull ahead, creating dispersion in potential outcomes for investors.

It’s human nature to allow familiar patterns to guide our decision-making processes. But it’s just as important to recognize when changing conditions warrant a rethink. Return patterns in global equity markets appear to be shifting in ways that should prompt investors to revisit their allocations.

With tensions simmering in the Middle East and the global economy feeling the pinch of high energy prices, high-yield bonds might not be on every investor’s radar. In our view, they should be.

High-growth technology stocks still dominate the investment landscape, fueled by the promise of AI. But recent signs of a broadening market are revealing that more industries beyond just tech are positioned to benefit. We think large-cap value stocks are well-poised for this shift, especially since AI can be both a disruptive and driving force in today’s dynamic market.

Artificial intelligence (AI) leadership is no longer a developed-market monopoly. Emerging markets (EM) now have their own AI champions, and productivity gains may follow. For bond investors, we expect the implications to differ by country—driven by industry composition, capital intensity, digital infrastructure and speed to adoption.

With the war in Iran dragging past the original ceasefire deadline, how might the situation impact global energy markets—and other sectors—from here? To cut through the noise, we asked Luke Pryor, Security of the Future Portfolio Manager and Co-Portfolio Manager of Strategic Equities, to share his oil and gas industry expertise.

Investors are questioning the staying power of medical technology (medtech) stocks, which have fallen from grace since the COVID-19 pandemic. Yet we think innovation continues to create exciting opportunities in companies that march to a different beat than the rest of the healthcare sector.

The European Union (EU), pursuing ambitious decarbonization goals, is significantly recalibrating its emissions compliance regime with the Carbon Border Adjustment Mechanism (CBAM). This new border tax intends to promote fair competition amid varying emissions rules and costs. Our research suggests it could also offer insight into profitability as the rising costs to meet carbon limits weigh on corporate financial health, creating winners and losers.

The long-term shift from traditional pensions to defined contribution (DC) plans puts employees in charge of their retirement savings—and needing help.

Investors often view commercial real estate (CRE) through the narrow lens of the office sector. We think this office-only focus understates how broad the asset class is and its potential. Offices may face well-documented headwinds, but many other CRE segments appear more resilient.

Technology is transforming bond investing, across research, trading and—through optimizers—portfolio construction. We believe optimizers based on advanced digital investment platforms have a major advantage—and can create new levels of insight for portfolio managers that have them.

Tax management is about more than just deferring taxes to reduce this year’s bite. It’s also about managing where and how taxes show up over time. For high-net-worth investors with diversified portfolios, permanently reducing taxes versus deferring them may bolster long-term after-tax wealth. Many investors overlook a potent tax reduction tool: bonds.

Dividend-paying stocks offer an effective hedge against inflation—as well as solid long-term return potential in other environments when actively sourced from the right parts of the market.

AI’s rapid growth is driving demand not only for electricity but also for the clean water needed to run its physical infrastructure. As data centers expand, rising water intensity is straining supplies and testing long-term sustainability. In our analysis, these pressures create both risks and opportunities for active investors.

Global equities declined during a volatile first quarter as the war in Iran roiled energy markets and fueled inflation fears that destabilized the economic growth outlook. Mounting geopolitical hazards add to existing worries around concentrated equity markets and the potential for AI to disrupt businesses.

Oil prices are the key transmission channel, and how far they rise and how long they remain elevated could shape the outlook for growth, inflation and policy, with implications for bond markets.

Join us on Wednesday, April 1 at 11:30 a.m. CT where we will look further into this differentiated way of investing outside the US.

The United Nations (UN) warns of a roughly US$4 trillion annual shortfall in financing for its sustainable development goals—a gap too large for the public sector to fill alone.

Emerging-market (EM) equities have been hit hard since the Iran war began, as investors worry about fallout from the conflict. Yet, history suggests that periods of heightened market stress—when volatility is elevated and uncertainty is still being priced—have created favorable entry points for EM investors in the past.

In today’s era of automation, some situations demand a more active approach. Municipal bond investing is one.

The multi-asset playing field presents income investors with broad opportunities across asset classes. But investors that rely only on traditional stock dividends and bond interest may be missing out on other attractive income sources.

The artificial intelligence (AI) trade that has dominated equity markets in recent years is showing signs of fragility. As investors reexamine the scale of the AI infrastructure build-out and optimistic assumptions around AI adoption, a group of “old-economy” sectors is quietly reasserting itself.