Recent volatility reminds us that new risks are testing standard defensive equity strategies. Portfolios that offer downside protection need to go beyond standard risk models and position themselves for changing challenges ranging from trade wars to European political instability.

A dramatic fall in oil prices, followed by a sell-off in high-yield energy bonds—is it time to worry about oil and gas companies again? Quite the contrary. The North American issuers that make up most of the world’s high-yield energy market are in a better position today than they have been in years.

After October’s sharp market declines, many investors might think US stocks look relatively cheap again. But equity valuations require closer scrutiny, and earnings metrics might be distorting the fundamental performance of businesses.

Democrats took the House of Representative. Republicans held the Senate. What should investors expect from the US midterm election outcome? In the way of policy, not much. But the new political landscape may be good for markets.

Value stocks have underperformed for years. But things may be changing. Cheaper stocks have shown signs of awakening recently, and several market forces could tip the scales in favor of value after a prolonged growth surge.

What might the US midterm election results mean for fiscal policy and financial markets? Probably not much if Democrats and Republicans end up splitting control of Congress. But a sweep by either party could lead to very different outcomes.

The intensifying global equity sell-off this week has rattled many investors. More turbulence can be expected in the short term, but the recent volatility isn’t particularly extreme in historical perspective, and long-term market fundamentals still look solid.

Retirement reality for many Americans may not be as grim as forecasters predict. Could it be better? Yes. But many retirees in our new survey see a glass that’s more than half full.

Crowded trades have become all too common in fixed-income markets. But running with the crowd is risky, particularly when it comes to illiquid assets like bank loans that may not be easy to sell during a market downturn.

The digital revolution took its time getting to fixed income, but today it’s transforming the investing landscape. Already, major advances in technology are helping early adopters gain unique insights and act faster in markets where speed and alpha are increasingly and inextricably linked.

US Treasury yields have risen in response to strong economic growth. In the first week of October, the yield on the 10-year bond surged to its highest level in more than seven years. The question is: Do yields have more room to run?

Emerging-market (EM) stocks fell in the third quarter and continued to diverge sharply from developed-market equities. While it may be too soon to buy into the weakness, investors should watch for signs that could herald a quick rebound.

With the midterm elections looming and an executive order that underscores President Trump’s interest in how Americans save for retirement, it’s increasingly possible that Congress could approve substantive retirement reform in the coming weeks.

The revised NAFTA deal relieves uncertainty for Canada and avoids a possible Mexican barrier to ratification. But what does it really mean for the three countries involved—or for trade tension with China?

Will Democrats retake the House of Representatives in the US midterm elections this fall? Will it matter for your investment portfolio if they do? Probably not so much, although a Democratic sweep of both houses could be more disruptive.

When it comes to the official US short-term interest rate, the Federal Reserve now appears to be on autopilot, with three more quarter-percentage-point increases likely by mid-2019. But after that, things should get more complicated.

Harnessing the potential of Big Data will be a major factor in the future of healthcare. And some of the greatest innovations in the sector’s future may not come from companies in healthcare, but from technology companies.

When it comes to US high-yield bank loans, we don’t mince words: we think the risk rarely justifies the potential reward.

Investing in companies that have favorable ratings on environmental, social and governance (ESG) issues has become increasingly popular. But investors might do better targeting companies with poor ESG ratings and a clear commitment to mend their ways.

At long last, fixed-income investing is entering the digital age—and investors should pay close attention to what their asset managers are doing to keep up. From better pricing to better solution design, the digital revolution that’s transforming the fixed-income management landscape can lead to a host of benefits.

Equity investors in the emerging markets (EM) have suffered significantly as a result of the escalation of the Turkish crisis. But a closer look at the EM index reveals that not all emerging markets are in crisis mode.

President Trump’s most recent executive order creates the potential for significant changes in how private sector retirement plans operate.

From the US-China trade war to the ongoing Brexit negotiations, global investors are grappling with a wide array of unpredictable events. Yet with the right approach, equity portfolios can confidently cope with the next bout of market uncertainty.

Investors in emerging-market (EM) stocks have taken a big hit as Turkey’s crisis has escalated. But a closer look inside the EM benchmark suggests that the entire developing world isn’t broken.

Investors tend to think of floating-rate bank loans as the cure for rising interest rates. But our research suggests that a rising-rate environment has historically been the worst time to buy loans.

While many investors in healthcare stocks may try to focus on predicting scientific outcomes, we take a different approach. We look at the return on invested capital (ROIC), and that’s how we find opportunities.

China is often seen as a source of low-cost manufacturing. Yet today, many Chinese companies are building world-class brands that are overtaking global competitors at home—and are not fully understood by investors.

US stocks continue to pose big questions for investors. After nine years of strong gains, concerns about market conditions are rife. But we think US stocks are more attractive than perceived for three main reasons.

Reduced global trade may have the unintended consequence of strengthening the US dollar, raising interest rates and pushing down stock prices. Together with tighter Federal Reserve policy, these developments may increase market turbulence.

Asset prices have far outstripped the underlying fundamental performance of many businesses, and that may pose challenges for investors now that developed economies are beginning to normalize interest rates.

US investment-grade corporate bonds look cheaper today than their lower-quality counterparts in the high-yield market. Is this the buying opportunity of a lifetime? Not exactly. A closer look reveals there’s actually method to the madness.

The Turkish lira has dropped 35% as of August 16, putting pressure on inflation as well as the country’s debt-heavy corporations and banks. Investor jitters have spread over the past week to some other emerging markets and European banks with Turkish exposure, but we don’t expect contagion to expand much further from here.

The trade war between Washington and Beijing has tipped China’s currency onto a path of destabilization. If hostilities escalate, China may let its renminbi (RMB) fall further. For investors, that could mean more volatility and tighter financial conditions.

Many investors have started to scrutinize the shape of the US Treasury yield curve, worried that a potential yield-curve inversion would mean imminent recession. In our view, things aren’t that simple.

From steel to engines to whole cars, tariffs are shifting the playing field for automakers. Our credit analysis suggests there are no winners in this war: consumers should expect higher sticker prices, companies lower earnings and investors more volatility.

Trade war’s becoming a bigger source of concern amongst investors, particularly in emerging markets, because a lot of those economies are very trade dependent. But there’s a difference between the first-order effects, the categories that are actually under trade restriction or trade tariffs now, and what might be happening in future.

A single line chart is keeping an awful lot of investors up at night: the US Treasury yield curve. It’s been flattening steadily since the end of 2016 and is nearly the flattest it’s been since 2007. We all remember what happened after that.

US companies, lured by historically low interest rates, have taken on massive amounts of debt in recent years. As rates begin to rise, investors should beware of companies that might be vulnerable to increasing financing costs.

What we’ve seen is so many different types of strategies raise tremendous amounts of capital that are competing for performance. And many of those strategies have absolutely no connection to the underlying asset.

This letter has been a long time coming. It’s time for us to talk. Buyout funds are at your doorstep.

We answer some of today’s most pressing investor questions—from the effect of trade wars with China to our expectations for rising rates and a correction in high yield.

As trade tensions escalate, investors are flocking to stocks of smaller US companies, which rely less on foreign sales than their large-cap peers. But in some industries, tariffs could affect smaller companies in unexpected ways.

Aluminum. Cars. Solar panels. It’s hard to track the tariffs without a scorecard. As headlines continue to swirl, many investors worry about the impact on the US economy. Clearly, tariffs and trade wars hurt growth, but we don’t think the impact will be big enough to derail the economy just yet.

Headlines about the death of the American shopping mall have become so common that the phrase “retail apocalypse” has its own Wikipedia page. But this is a death wrongly foretold—and that creates investment opportunities.

Thanks to the Supreme Court’s decision in South Dakota v. Wayfair, Inc., states can now choose to levy sales taxes on online transactions with no physical retail presence within the state. Our chart shows the potential impact on state budgets.

With market returns expected to be lower going forward, target-date funds that invest in passively managed underlying components are at risk of underdelivering. We think diversifying beyond traditional asset classes and tapping alpha opportunities with a multi-manager structure can increase the chances of success.

Corporate investments are the cornerstone of future growth. Yet shareholders are often seduced by buybacks and dividends. Equity investors should always make sure companies strike the right balance between deploying cash flows for short-term shareholder rewards and strategic reinvestment.

A bond allocation is like a railroad. Credit is the locomotive that generates high returns, duration the track that keeps the train in line. Take the track away and you risk running your portfolio into the ditch. That’s why duration-hedged credit strategies are dangerous.

As the global economic cycle moves into a more mature stage, monetary policy is becoming generally less accommodative and inflation risk is up. Meanwhile, geopolitical risk has become a fixture of the global landscape. What does all this mean for our outlook at the midway point of 2018?

Summer is just beginning, but emerging-market (EM) bonds and currencies have been on a roller-coaster ride for months now. In markets, though, volatility breeds opportunity—and we still see plenty of that among EM issuers.