Research Affiliates examines how different asset classes perform across full market cycles, and discusses how macro forecasts inform its investment strategies.
This time, it’s the riskier segments of the corporate credit market – not housing – that could trigger the next downturn.
We think investors should not extrapolate too much from who wins the early contests, including Iowa.
How can leaders in finance embrace the Davos 2020 theme of “Stakeholders for a Cohesive and Sustainable World”? Here are our key observations.
As the Fed winds down its T-bill and repo programs, we don’t anticipate market volatility to emerge – at least not as a result of the Fed’s actions.
Questions about environmental, social, and governance (ESG) issues are becoming central to commodity markets and capital allocation discussions.
In prioritizing stability over all other objectives, China is borrowing from future growth while reducing policy ammunition to counter future shocks.
Alongside pockets of weakness in credit markets come pockets of opportunity for active managers who focus on rigorous bottom-up research and careful credit selection.
Tensions in the Middle East and North Africa have once again brought geopolitical risks to the forefront of oil markets.
A brief monthly update on what's happening in the municipal bond market.
Research Affiliates provides its outlook for 2020 and discusses where it sees attractive return opportunities across the globe.
The outlook for the global economy has improved over the past three months, but there may be less capacity to combat a recession when it comes. We discuss seven key macroeconomic themes we expect in 2020 and implications for investors.
DC plan sponsors are increasingly using TDFs that blend active and passive strategies to seek lower fees and enhanced alpha potential.
Muni issuers are increasingly refinancing tax-exempt munis in the taxable market, but both areas offer potential benefits.
The U.S.-China trade deal is one of three diminishing policy risks, but investors shouldn’t assume that all policy uncertainty has been eliminated.
While the election result reduces Brexit uncertainty significantly, it doesn’t eliminate it. Will there be an extension of the transition period? How will any deal affect the economy? In the meantime, UK banks and sterling, especially wounded since the 2016 referendum, still offer value, while low-yielding gilts look unattractive relative to other government debt, such as U.S. Treasuries.
In its December forecasts, the Federal Reserve estimates that the policy rate will hold steady through 2020. Will economic and trade developments change that view?
A review of last month’s market-moving events across countries and asset classes.
Research Affiliates discusses why they believe value investing is still alive and well and explains how changes to the display of expense ratios seek to enhance clarity for investors.
The recent repo squall shined a spotlight on “sponsored repo” transactions, a growing segment of the U.S. overnight funding market.
While many risk assets have rallied in 2019, the lower-rated tranches of collateralized loan obligations (CLOs) have weakened. Is this a sign that the credit cycle is turning?
We aim to support wealth management firms, advisors, and investors as they assess portfolio strategy and navigate the shifting trends we face in the new year.
Equity and credit markets have thus far taken lackluster earnings results and lower expectations in stride, but we think this could change if confidence readings drop further.
Models can help advisors streamline portfolio management while retaining the level of discretion appropriate for their practice.
Private markets remain a key source of income for institutional portfolios, but late-cycle concerns demand a thoughtful approach to opportunities and risks.
Research Affiliates discusses how its research partnerships with academic thought leaders inform its process and examines the All Asset strategies’ returns per unit of equity beta.
With global growth slowing and significant uncertainty around trade and politics, PIMCO’s Income Fund is taking the long-term view and positioning defensively.
The pitfalls and opportunities we see in high yield markets highlight the importance of active portfolio management, rigorous credit analysis, and taking a cautious and selective approach.
Rising issuance of munis available only to qualified institutional buyers (QIBs) may offer higher yields to investors who can access them.
Fed Chair Powell signaled that another “insurance” rate cut is unlikely. Instead, further rate cuts are contingent on a more material deterioration in the economic outlook.
The U.K. is set to head to the polls on December 12. Here are our key takeaways for the economy and markets.
Our Income to Outcome framework seeks to deliver a simpler, more intuitive approach to investing for retirement.
We think there are policy tools in the Fed arsenal that wouldn’t materially alter the soundness of the banking system but could allow cash to move more freely.
Trade, geopolitics, and emerging markets were top of mind at the recent annual meetings
For bond allocations, think twice before reflexively allocating to index ETFs.
Headline inflation resulting from a food price shock can never be ignored fully.
Germany’s economy is on the brink of recession. We expect a gradual recovery through the next year, but this is dependent on easing trade tensions.
The Fed has another lever to pull to ease monetary policy, one that could increase savings rates and create more disposable income.
Without pouring water on the “love fest,” we contend that the deal struck between China and the U.S. leaves much to be desired.
In this issue, Research Affiliates discusses why its contrarian philosophy may add value over the long term and how the growing likelihood of a global economic slowdown is affecting positioning.
We believe the impeachment inquiry could have an adverse impact on the ongoing U.S.–China trade conflict, but there may be a silver lining for NAFTA 2.0.
In the past few weeks, U.S. equity momentum and value factors have had their sharpest moves in more than 15 years based on our calculations.
Businesses and investors are moving ahead with progressive actions despite policy vacuums.
Short-term bonds could rise in price and potentially maintain a high degree of liquidity in response to Federal Reserve rate cuts.
In a nutshell, we concluded that the global economy is about to enter a low-growth “window of weakness,” which we expect to persist going into 2020 with heightened uncertainty about whether it is a window to recovery or recession.
