For our next interview, we spoke with a GP Stakes firm that brings a genuinely differentiated lens to the space: Xponance Alts Solutions (“XAlts”), the alternatives investment platform of Xponance—a firm celebrating its 30th anniversary in 2026.
Michael A.B. Orr, Neal Prunier, Alex Band, Vipon Ghai, and Kristin Dacey shared their thoughts on a challenging, but timely topic at SuperReturn North America: How do LPs balance continued interest in private markets while maintaining flexibility for the next shift in the cycle?
As we enter the second quarter of 2026, geopolitical conditions have shifted meaningfully since our last quarterly review.
We believe the energy supply shocks of the 2020s will ultimately prove no less revolutionary for financial markets than their 50-year-old cousins did. Much like the First and Second World Wars culminated in the localization of steel production, over the next two decades, we believe that the shocks of the 2020s will accelerate the use of alternative energy sources for economically critical energy needs.
Drawing on regime analysis, holdings overlap studies, turnover data, and comparative portfolio scenarios, we show that incorporating a core component delivers comparable or superior risk-adjusted returns while reducing costs, simplifying oversight, and providing the flexibility to allocate across the full valuation spectrum within a single mandate.
Climate-aligned equity indices have faced a challenging start to 2026. To better understand the drivers of this divergence, we analyzed the performance of the MSCI USA Climate Paris-Aligned Benchmark (PAB) Index relative to its parent MSCI USA Index across sector, style, emissions, and asset-intensity dimensions.
In the wake of a particularly robust year for fixed income returns across sectors—with notably little differentiation between them—it is instructive to examine return patterns over the prior decade.
After a historic year of outperformance, what’s next for Latin American markets in 2026? Will these traditional “hot money” markets give back their gains or is this a turning point for these former investor darlings turned market minnows?
From Technology Giants to Industrial Titans, Big Tech is transitioning from a world of capital-light economics to one defined by physical scale, infrastructure intensity, and resource constraints
Boutique investment managers have durable structural advantages that can lead to enhanced alpha generation.
45 years of de facto Fed independence appears increasingly at risk. President Trump has already installed one Fed Governor, is attempting (possibly illegally) to dismiss another, and has triggered market speculation about his ability or willingness to even dismiss the Chairman. What does this mean for markets?
As we enter the home stretch of 2025, we are struck by the current state of valuations in the fixed income markets. We are particularly struck by the divergence between broad market valuations and the growing weakness in various economic sectors.
In this environment, investors should balance exposure between the structural tailwinds of AI and the cyclical vulnerabilities of an economy still walking a fine line between expansion and slowdown.
In this piece, we will look into key structural differences within segments of U.S. private equity strategies (with an emphasis on buyout funds) that are likely to become critical return drivers in the coming years in the evolving macroeconomic environment.
In this paper, we begin by examining the differences between equity index construction and fixed income benchmark construction. We then analyze data from the eVestment database to evaluate the performance of the Bloomberg Aggregate index relative to the median active manager.
FTSE Russell introduced issuer‑level concentration caps to the Russell U.S. Style indexes in March 2025 to temper mega‑cap dominance while preserving benchmark utility.
With equity markets producing vast streams of data from corporate fundamentals to market prices, sentiment, and alternative datasets, machine learning offers the ability to uncover subtle, nonlinear relationships that traditional linear factor models might overlook.
Despite the relative calm in markets, Q2 2025 was undeniably a roller coaster. The quarter opened with volatility fueled by “Liberation Day” tariffs and closed on a more composed financial note—though uncertainty around international trade policy remains unresolved.
As we enter the second half of 2025, the next six months are expected to be defined by a slowing global economy, tariff uncertainty, and market volatility.
For the past 15 years, global investors’ default positioning was to hold U.S. Dollars as the most obvious choice of non-domestic currencies (and maybe most obvious overall choice) and when investing outside their own equity markets, to look first to the U.S.
