Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
It’s been another strong year for ETF demand. ETFs gathered approximately $350 billion of new money year-to-date through April 16.
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
U.S. defensives and international lead.a
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavilyon sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the Neuberger Berman Commodity Strategy ETF (NBCM) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
On Monday, April 7, the S&P 500 dropped as much as 4.7% at the session low before whiplashing higher on reports of a potential tariff delay—closing the day up 3.4% from Friday’s close.
Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Another period of heightened volatility in the markets reminds us why tax management can be such an essential part of fixed income investing.
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
Vanguard head of U.S. ETF Capital Markets Bill Coleman discussed the growing role that active ETFs are playing in portfolios.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.
The month of March featured a varied mix of articles among Advisor Perspectives’ top 10 most-read list, including book reviews, analysis of current events and primers on different subjects among its ranks.
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
A Wall Street axiom states that the stock markets lead the economy by about six months. While not a perfect predictor, the stock market reacts to investor expectations about future corporate earnings, economic activity, interest rates, and inflation.
With uncertainty in abundance, we think investors should avoid drastic moves.
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.
VettaFi’s Head of Research Todd Rosenbluth discussed the T. Rowe Price International Equity ETF (TOUS) on this week’s “ETF of the Week” podcast with Chuck Jaffe of “Money Life.”
Like a crossword puzzle, President Trump has been bombarding the media with clues about his economic policy. Given the importance of inflation and interest rates to the economy and the financial markets, it's worth assessing his clues and formulating some answers about what Trump may be up to.
The tariff chaos continues … but the economy remains intact. For now.
In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Investors crushed the stocks of consumer discretionary companies on Thursday in response to President Donald Trump’s tariff announcement, making little distinction between home goods companies such as Williams-Sonoma Inc., apparel names including Nike Inc. or restaurants such as Cheesecake Factory Inc.
The combination of slowing economic growth and stubborn inflation, combined with uncertainty about U.S. tariff policy, is keeping investors cautious.
To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.
With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.
Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.
U.S. ETFs saw record first quarter flows this year, bringing in $296 billion during the first three months of 2025.
The March U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 54.4, just above the 54.3 forecast. The reading marks the 26th consecutive month of expansion and the fastest growth of the year so far.
The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.
Investors face new challenges as their wealth grows. So it’s a good thing that direct indexing is designed to fit their allocations just the way they are.
An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.
Since mid-January, a new political regime in Washington has shaken the geopolitical landscape and global markets. In this volatile environment, bonds have performed well, resuming their traditional role as ballast against falling stock prices and attracting strong demand from investors.
Investors often debate the merits of value versus growth investing, but when it comes to developed international equities, the conversation isn't static; it moves in cycles.
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Fixed income investors can opt for corporate bonds to maximize yield opportunities without sacrificing too much credit risk.
A duo of emerging-market bond veterans at Jeffrey Gundlach’s DoubleLine Capital is taking no chances as Donald Trump rolls out his trade agenda.
Investors are fretting that a year-long rally in global credit is papering over the risk that US policy uncertainty tips the world’s largest economy into a recession.
Investors just can’t get enough of ETFs, and issuers are more than happy to oblige. Through the middle of last week—still with a handful of days left in the quarter—208 new U.S. ETFs were launched in Q1, according to Wall Street Horizon data.
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.
CNBC Senior Markets Correspondent Bob Pisani and Research Affiliates Founder and Chairman Rob Arnott talked value at Exchange.
The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.
History suggests a rebound could be in order.
The world’s largest asset manager is betting big on a growing breed of derivatives-powered ETFs that’s shaking up the art of active portfolio management.
Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
When you grow up with a father who worked in the brokerage business, you hear a lot of stories.
Total assets held by actively run ETFs in the US have hit the $1 trillion milestone, as investors sink cash into a new generation of strategies — shaking up the passive reputation of this booming corner of money management.
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
Since May 2020, inflation (CPI) has gone from a low of 0.1% to a high of 9.1% and back to 2.8%. It is no wonder why any investor might at least pause in this period of uncertainty.
The parallels between the AI narrative driving the current market and the dot-com bubble of a quarter century ago raise important concerns for investors.
Changing market narratives in the third quarter led to ongoing market volatility.
Inflation uncertainty makes it tricky to foresee the Fed's next moves. In moments like these, it may be time to turn to active fixed income.
Last week, I had the pleasure of presenting at a Commonwealth conference. I love spending time and sharing ideas with our advisors. They are the best in the business.
As policy uncertainty grows, we consider how tariffs and other government actions might impact inflation, interest rates, and market sentiment.
The stock market sell-off appears to be signaling a recession. However, we believe the bond market disagrees.
Active Fixed Income
Apollo, Blackstone Lead $4 Billion Loan for Boeing Unit
Private lenders led by Apollo Global Management Inc. and Blackstone Inc. are providing a $4 billion loan to support Thoma Bravo’s acquisition of Boeing Co.’s flight navigation unit and other digital assets, according to people with knowledge of the deal.
Risk-Off Fixed Income in Demand in April
It’s been another strong year for ETF demand. ETFs gathered approximately $350 billion of new money year-to-date through April 16.
Corporate vs. Municipal Bonds: Key Differences Every Investor Should Know
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
Quarterly Recap Q1 2025
U.S. defensives and international lead.a
A Warning to Baby Boomers and Others Regarding the China-U.S. Trade War
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
The Evolution of Active Management: From Stock Picking to Active Asset Allocation
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
Swaps & Basis Trades Signal Mounting Liquidity Problems
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
Market Volatility and Corporate Bonds: 3 Takeaways
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
Fixed Income Remains Key to Long-Term Diversification
While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
2025 Muni Outlook: Stay Invested and Remain Nimble
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Trade Wars and the U.S. Dollar
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
A Deep Dive into Covered Call ETFs
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
Do Indicators Point to Potential Further Stock Market Declines?
In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
JPMorgan’s Maier Sees Paradigm Shift to Active Management in ETFs
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
NAHB Housing Market Index: Uncertainty Continues to Weigh on Builder Confidence
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
Risk Management Amid Economic Uncertainty
The current market unrest over the potential for tariff increases and their impact is unpredictable. The volatility can be unnerving.
Neuberger Berman Commodity Strategy ETF (NBCM)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research Todd Rosenbluth talked about the Neuberger Berman Commodity Strategy ETF (NBCM) with Money Life host Chuck Jaffe. The pair covered a range of topics related to the fund, providing investors with a deeper understanding of the ETF.
Lessons From the Dip: A Gameplan for Market Chaos
On Monday, April 7, the S&P 500 dropped as much as 4.7% at the session low before whiplashing higher on reports of a potential tariff delay—closing the day up 3.4% from Friday’s close.
Notes From the Desk: Bond Trauma
Swap spreads measure the difference between the interest rate on a swap and the yield on a Treasury bond with the same maturity.
Navigating Resource Equities in a Shifting Macro Landscape
Commodity markets face uncertainty from tariffs, global growth risks and geopolitics, but may show resilience. Tight supply and global stimulus support a constructive long-term outlook.
Is It Time for Smart Beta to Be Smart?
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
Investors Turn to Actively Managed Bond ETFs in March
In a tumultuous environment, investors increasingly turned to actively managed bond ETFs this year according to JPMAM research.
Where Did I Put My Investments?
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Oaktree, TCW and Sona Spot Opportunity in Market Turmoil
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
Tariffs Add Another Challenge for Investors to Consider
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Fixed Income Tax Loss Harvesting: Realizing Losses No Matter When They Occur
Another period of heightened volatility in the markets reminds us why tax management can be such an essential part of fixed income investing.
Hard Turn on Tariffs
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
President Trump Blinks for Now, But Tariffs Remain High
On 9 April, President Donald Trump announced a 90-day pause on the higher “add-on” reciprocal tariffs on 50-plus countries that had been announced the previous week, precipitating a historic equity market rally and showing that there was seemingly a limit to how far he would go to move forward with his trade agenda.
Q2 2025 Outlook: In the Middle of the 3% Reckoning
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
Vanguard Details Demand & Opportunities for Active ETFs
Vanguard head of U.S. ETF Capital Markets Bill Coleman discussed the growing role that active ETFs are playing in portfolios.
As Tariffs Cloud Outlook, Municipal Bonds May Offer Opportunity
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Tariffs Are the First Part of a Larger Project
Getting into Donald Trump’s head is no easy task. And to the extent his economic intentions are decipherable and coherent, can Trump impose his economic will on other countries? As tariffs go into place, albeit with a partial pause, that remains to be seen.
The U.S. Economy’s Trajectory Amid Higher Tariffs
On 2 April, the Trump administration announced sweeping tariffs that were more aggressive than many had expected. Then on 9 April, the administration announced a 90-day pause on most of the new country-specific “reciprocal tariffs.”
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
The Path Forward After the Tariff Shock
Last week President Trump announced tariffs on nearly all US trading partners, a move that far exceeded the most pessimistic expectations of market participants.
March 2025’s Most-Read Articles Offer Something for Everyone
The month of March featured a varied mix of articles among Advisor Perspectives’ top 10 most-read list, including book reviews, analysis of current events and primers on different subjects among its ranks.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
The Stock Market Warning Of A Recession?
A Wall Street axiom states that the stock markets lead the economy by about six months. While not a perfect predictor, the stock market reacts to investor expectations about future corporate earnings, economic activity, interest rates, and inflation.
Tariff Shock: Managing a Portfolio Through the Turmoil
With uncertainty in abundance, we think investors should avoid drastic moves.
Callable Bonds: Understanding How They Work
Callable bonds make up a large share of the bond market—and introduce one more variable into the bond-investing process.
2025 Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Carry Trade Destruction
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
Recalibrating for Higher Risk Without Overcorrecting
We’re adjusting our stance in response to rising risk while maintaining a disciplined view on long-term strategy.
3 ETF Demand Trends Amid Market Turmoil
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
Market Madness: The 'Elite 8' Are Becoming a Liability
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
Mutual Fund Pioneer MFS Enters ETF Arena
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
The Price of Protectionism - Tariffs Toll On Growth
We reexamine our macroeconomic outlook in light of newly announced tariffs, which have exceeded market expectations and prompted us to update our assumptions and analysis.
Navigating Tariffs, Volatility, and a Slowing Economy
The markets face a challenging path as tariff policies intensify economic uncertainty, yet opportunities persist for discerning investors.
T. Rowe Price PM Rizzo on Active Tech ETF Investing at Exchange
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
2 Quality ETF Options to Consider as Bonds Exhibit Resilience
Moving forward, investors may want to keep investment-grade options close with a few from Vanguard to consider.
T. Rowe Price International Equity ETF (TOUS)
VettaFi’s Head of Research Todd Rosenbluth discussed the T. Rowe Price International Equity ETF (TOUS) on this week’s “ETF of the Week” podcast with Chuck Jaffe of “Money Life.”
Solving Trump’s Economic Puzzle
Like a crossword puzzle, President Trump has been bombarding the media with clues about his economic policy. Given the importance of inflation and interest rates to the economy and the financial markets, it's worth assessing his clues and formulating some answers about what Trump may be up to.
‘Stagflation Frustration’ in the Age of Tariffs
The tariff chaos continues … but the economy remains intact. For now.
Fixed Income Markets Take Trump’s Tariffs in Stride
In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
Credit Reacts to Tariffs
In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Where Will Consumers Go?
Investors crushed the stocks of consumer discretionary companies on Thursday in response to President Donald Trump’s tariff announcement, making little distinction between home goods companies such as Williams-Sonoma Inc., apparel names including Nike Inc. or restaurants such as Cheesecake Factory Inc.
Treasury Bond Markets: Seeking Higher Ground
The combination of slowing economic growth and stubborn inflation, combined with uncertainty about U.S. tariff policy, is keeping investors cautious.
April 2025 Update
To summarize the market action of March of 2025: U.S. stocks (SPX) did poorly, international stocks (especially Europe, VGK) did well in dollar terms, and gold (IAU) did spectacularly well. The main culprit appears to market concerns about the Trump administration’s tariff policies.
Don’t Box Yourself in When Bond Investing
With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.
Active ETFs Steal the Show: Topping $1 Trillion Mark
Active ETFs just topped the $1 trillion threshold, making up nearly 10% of the total ETF pie. Enhanced yield is the name of the game.
ETFs Saw Record Flows in Q1: These Are the Highlights
U.S. ETFs saw record first quarter flows this year, bringing in $296 billion during the first three months of 2025.
S&P Global Services PMI: Growth Picked Up in March
The March U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 54.4, just above the 54.3 forecast. The reading marks the 26th consecutive month of expansion and the fastest growth of the year so far.
Tariffs: Making the U.S. Exceptional, but Not in a Good Way
The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are inherent to what a tariff is, while others stem from the fact that U.S. industrial policy has, and looks to continue to have, a huge amount of uncertainty associated with it.
How to Fit Direct Indexing into a Client’s Current Portfolio
Investors face new challenges as their wealth grows. So it’s a good thing that direct indexing is designed to fit their allocations just the way they are.
Asset Allocation Biweekly: Managing an Economic Slowdown
An early-term recession, though difficult, can create strategic opportunities to push a bold and transformative agenda forward.
Fixed-Income Outlook: Six Strategies to Thrive in Turbulent Times
Since mid-January, a new political regime in Washington has shaken the geopolitical landscape and global markets. In this volatile environment, bonds have performed well, resuming their traditional role as ballast against falling stock prices and attracting strong demand from investors.
The Rhythm of Style: Value vs. Growth in Developed International Markets—Part 1
Investors often debate the merits of value versus growth investing, but when it comes to developed international equities, the conversation isn't static; it moves in cycles.
Seeking Stability
The world has entered a period of geopolitical uncertainty, with the U.S. now at the center of the storm.
Stick With Investment-Grade Corporate Bonds Amid Uncertainty
Fixed income investors can opt for corporate bonds to maximize yield opportunities without sacrificing too much credit risk.
DoubleLine Finds Shelter From Trump Volatility in Latin America
A duo of emerging-market bond veterans at Jeffrey Gundlach’s DoubleLine Capital is taking no chances as Donald Trump rolls out his trade agenda.
US Recession Fear Raises ‘Gray Swan’ Risk for Bond Investors
Investors are fretting that a year-long rally in global credit is papering over the risk that US policy uncertainty tips the world’s largest economy into a recession.
There’s Always a Bull Market Somewhere: US ETF Launches Notch a Record
Investors just can’t get enough of ETFs, and issuers are more than happy to oblige. Through the middle of last week—still with a handful of days left in the quarter—208 new U.S. ETFs were launched in Q1, according to Wall Street Horizon data.
Top Takeaways from Oaktree’s Quarterly Letters – March 2025 Edition
In the current installment of The Roundup, Oaktree experts explore various investment risks and opportunities, including the heightened demand for mezzanine financing, potential entry points for special situations investors, the limited competition for unrated asset-backed finance investments, and the growing need for specialized life sciences lenders.
JPMAM’s Dr. David Kelly Discusses Current Investment Opportunities at Exchange
Dr. David Kelly, chief global market strategist, J.P. Morgan Asset Management, provided insight on current opportunities at Exchange.
Arnott Sees 'Opportunity-Rich Environment' in Value, Teases New Funds
CNBC Senior Markets Correspondent Bob Pisani and Research Affiliates Founder and Chairman Rob Arnott talked value at Exchange.
Believe It or Not
The substantial shift in U.S. trade policy will put a significant dent in growth in major markets.
Are There Opportunities in Smaller Stocks?
History suggests a rebound could be in order.
BlackRock Sees Outcome ETFs Jumping to $650 Billion by 2030
The world’s largest asset manager is betting big on a growing breed of derivatives-powered ETFs that’s shaking up the art of active portfolio management.
The Art and Science of Managing AAA CLO Portfolios
Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
O-I-L-S, Oil Stocks
When you grow up with a father who worked in the brokerage business, you hear a lot of stories.
Active Management Lives On in ETFs After $1 Trillion Asset Haul
Total assets held by actively run ETFs in the US have hit the $1 trillion milestone, as investors sink cash into a new generation of strategies — shaking up the passive reputation of this booming corner of money management.
Junk Bonds Win Over Investors Seeking Calm From Market Storm
Junk bonds don’t seem quite so junky anymore. US investors are piling into an asset class that has grown a little safer in recent years, and in recent weeks has drawn investors seeking a safe harbor from market turbulence.
The Calm Within the Storm
Since May 2020, inflation (CPI) has gone from a low of 0.1% to a high of 9.1% and back to 2.8%. It is no wonder why any investor might at least pause in this period of uncertainty.
The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?
The parallels between the AI narrative driving the current market and the dot-com bubble of a quarter century ago raise important concerns for investors.
Navigating Volatility Using Options
Changing market narratives in the third quarter led to ongoing market volatility.
The Fed’s Inflation Fight Creates Room for Active Bond ETFs
Inflation uncertainty makes it tricky to foresee the Fed's next moves. In moments like these, it may be time to turn to active fixed income.
The Fed, Policy, and International Markets
Last week, I had the pleasure of presenting at a Commonwealth conference. I love spending time and sharing ideas with our advisors. They are the best in the business.
Tariff Tantrum
As policy uncertainty grows, we consider how tariffs and other government actions might impact inflation, interest rates, and market sentiment.
Bond Market Not Signaling Recession
The stock market sell-off appears to be signaling a recession. However, we believe the bond market disagrees.